Bitcoin (BTC) succumbing to stock market turmoil Hodlers BTC: On-Chain Analyst Willy Woo

On-chain analyst Willy Woo said the global market turmoil has caused cryptocurrency investors to ignore Bitcoin’s fundamentals and sell BTC.

right inform His 1 million Twitter followers said the start of the capitulation this week was driven by gift sales.

merchant say He is not sure whether Bitcoin has reached the bottom yet.

“Is the bottom inside? I don’t know Fundamentals taking a back seat in fear-focused trading. In my opinion, we are not trading BTC, we are trading macros and stocks.

The right pane is SPX. [Standard & Poor’s 500 Index] Support to determine BTC directionality, the left pane is the equivalent BTC support.”

Source: Willy Woo/Twitter

Bitcoin is trading at $27,042 at the time of writing. The top crypto assets by market cap are down more than 14% in the last 24 hours and more than 31% in the past week.

Woo points out that Bitcoin’s liquidity supply shock ratio has fallen off a cliff.

“Supply shock is the ratio of coins held and coins not held. About 84,000 BTC disappeared from the hodler…”

Analysts say that one of the biggest reasons for that number is the Luna Foundation Guard (LFG), a non-profit organization set up to support the Terra (LUNA) ecosystem.

LFG emptied over 42,500 BTC of wallets to protect the UST peg on Monday. BitInfo Chart.

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