Popular on-chain analyst Willy Woo explains the critical factors that keep Bitcoin (BTC) from moving upwards and hitting all-time highs.
In a recent Coin Stories interview, Woo said he’s looking at a specific on-chain metric that tells him Bitcoin isn’t ready to rally yet. Woo also mentioned that Bitcoin ETFs are also blocking the rise.
The major factor delaying BTC’s transition to higher prices is the emergence of Bitcoin futures exchange-traded funds (ETFs). According to the on-chain analyst, Bitcoin ETFs are leading investors to enter derivative contracts instead of buying BTC.
Woo also said he was looking at an on-chain metric:
Finally, Woo says that the greed and enthusiasm surrounding the Bitcoin market has contributed to BTC’s stagnant rise.