January 27, 2023

Leading on-chain analyst Willy Woo is expressing confidence that the collapse of the FTX crypto exchange will not deter traditional financial investors from putting their money into Bitcoin (BTC) and other digital assets.

Wed tells its 1 million Twitter followers that high net worth investors not facing regulatory restrictions have seen an entry opportunity, despite popular opinion that the collapse of FTX would set the crypto industry back many years.

“After the FTX explosion, many think it set the industry back many years, but this contradicts the conversations I have had. Traditional finance capital allocators now see an opportunity to enter. They see that Bitcoin and crypto are here to stay and that the risk has now been removed.

Traditional financing, in this case, means wealthy investors who are free from legal constraints for mainstream retail. This is where we are now for most of the traditional finance capital.

Besides, of course there is already a fair share of retail, Bitcoin has flipped the status quo.

On the price of Bitcoin, Woo say that the reason the flagship crypto asset has weathered the headwinds amid an adverse macroeconomic environment is that long-term holders continue to accumulate.

“If you’re wondering why BTC is holding back so much deleveraging, it’s the long-term hodlers, the Rick Astleys who don’t give up their BTC, who are absorbing the sales. Buy Spot and add to their stack.

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Source: Willy Woo

Woo uses the term “Rick Astleys” to refer to long-term holders who don’t want to let go of their Bitcoin, an ironic reference to the pop star’s one-hit wonder, “Never Gonna Give You Up.”

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Featured image: Shutterstock/Dk008

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