{"id":45319,"date":"2021-07-01T10:18:22","date_gmt":"2021-07-01T07:18:22","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=45319"},"modified":"2025-09-01T10:31:46","modified_gmt":"2025-09-01T07:31:46","slug":"willy-woo-hodler-activity-and-on-chain-indicators-point-to-market-recovery","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/willy-woo-hodler-activity-and-on-chain-indicators-point-to-market-recovery\/","title":{"rendered":"Willy Woo: Hodler Activity and On-Chain Indicators Point to Market Recovery"},"content":{"rendered":"<p>Bitcoin has not entered a bear market, as long-term hodlers continue to accumulate assets on their wallets, and on-chain indicators point to a reversal in the negative price dynamics of digital gold. This was stated by analyst Willy Woo on Peter McCormack&#8217;s What Bitcoin Did podcast.<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Is Bitcoin in a Bear Market? with Willy Woo\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/iLxfDTHOE60?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<p>In Woo&#8217;s view, long-term holders of the first cryptocurrency were very active in 2021, but at some point &#8220;all the coins moved into weak hands \u2014 to speculative traders&#8221;.<\/p>\n<p>The analyst believes the market is in a speculative phase. He says that the cryptocurrency sold at the start of the year is gradually returning to hodlers&#8217; wallets.<\/p>\n<p>McCormack also noted that he has not sold a single coin from his portfolio. He remains confident in a market recovery, because &#8220;there are too many interesting and good things happening.&#8221;<\/p>\n<p>Woo stressed that the current cycle is unlike any the market has seen before, because its &#8220;fundamental structure&#8221; is completely different.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;The price moves in a sideways bear trend, resembling the Wyckoff accumulation model. If it works, we should get the final wick to $28 000-$29 000, which should have been the last bottom test. All on-chain indicators look as if the price is recovering,&#8221; he explained.<\/p>\n<\/blockquote>\n<p>Santiment analysts have also seen signs of a market recovery. They noted that Bitcoin&#8217;s supply on cryptocurrency exchanges has been steadily shrinking, while the volume of assets in non-custodial wallets is growing.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udc4d Following <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>\u2018s mid-May dip, the supply of <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> sitting on exchanges has steadily fallen back down and locked away for safe keeping by hodlers. This is a good sign for <a href=\"https:\/\/twitter.com\/hashtag\/bulls?src=hash&#038;ref_src=twsrc%5Etfw\">#bulls<\/a>, as funds moving away from exchanges lowers the risk of major sell-offs. <a href=\"https:\/\/t.co\/ABkcih9ea1\">https:\/\/t.co\/ABkcih9ea1<\/a> <a href=\"https:\/\/t.co\/NqU3ljRyIH\">pic.twitter.com\/NqU3ljRyIH<\/a><\/p>\n<p>\u2014 Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1410356329970032645?ref_src=twsrc%5Etfw\">June 30, 2021<\/a><\/p><\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Over the past 24 hours, Bitcoin&#8217;s price fell by 3.5%, according to CoinGecko. At the time of writing, the asset was trading at $33,603.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"502\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/btc-46-1024x502.png\" alt=\"Willy Woo: hodler activity and on-chain indicators point to market recovery\" class=\"wp-image-140850\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/btc-46-1024x502.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/btc-46-300x147.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/btc-46-768x377.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/btc-46-1536x754.png 1536w, https:\/\/forklog.com\/wp-content\/uploads\/btc-46.png 1828w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption>Timeline BTC\/USDT on Binance. Data: <a href=\"https:\/\/ru.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>. <br \/><\/figcaption><\/figure>\n<p>Earlier, CryptoQuant CEO Ki Young Ju said that the whale capitulation index <a href=\"https:\/\/forklog.com\/en\/news\/cryptoquant-ceo-bitcoin-has-entered-a-bear-market\">indicates Bitcoin&#8217;s transition into a bear market<\/a>.<\/p>\n<p>According to Woo, <a href=\"https:\/\/forklog.com\/en\/news\/willy-woo-explains-why-he-considers-bitcoin-undervalued\">the fundamental value of the first cryptocurrency exceeds its market value<\/a>, as indicated by the NVT indicator.<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news on our <a href=\"\/\/telegram.me\/forklog\" target=\"\u201c_blank\u201d\" rel=\"\u201cnofollow\u201d noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin has not entered a bear market, as long-term hodlers continue to accumulate assets on their wallets, and on-chain indicators point to a reversal in the negative price dynamics of digital gold. This was stated by analyst Willy Woo.<\/p>\n","protected":false},"author":1,"featured_media":45320,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1138,1514],"class_list":["post-45319","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-opinions","tag-willy-woo"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45319","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=45319"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45319\/revisions"}],"predecessor-version":[{"id":45321,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/45319\/revisions\/45321"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/45320"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=45319"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=45319"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=45319"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}