Well-known analyst Will Clemente says on-chain signals suggest whales are actively amassing bitcoin.

Clemente told his 123,400 Twitter followers that long-term owners have quietly amassed large amounts of BTC over the past month to offset the selling pressure from short-term owners.

“Over the past 30 days, long-term holders have added 579,940 BTC to their holdings, while short-term holders have reduced their holdings by 521,983 BTC.”

Source: Will Clemente / Twitter

With the short-term owners in mind, Clemente highlighted a tweet from Lex Moskovski, CIO of the crypto-focused hedge fund Moskovski Capital, which shows how these companies parted ways with their BTC and suffered losses comparable to the market. Bear market in 2018 and the coronavirus panic most recently in March.

“Short-term owners gave up yesterday. They have taken losses equal to every major drawdown in Bitcoin history. “

Source: Lex Moskovski / Twitter

While short-term owners sell, Lex Moskovski stressed that billions of dollars are pouring into exchanges in the form of stablecoins, showing that investors are on the edge ready to enter the crypto market.

“The stablecoin supply on the exchanges has reached a new ATH (all-time high) of 17 billion US dollars. No wonder Bitcoin bounced off under $ 30,000 so quickly. “

Source: Lex Moskovki / Twitter

At the time of writing, Bitcoin is trading at $ 34,549, according to CoinMarketCap, up 4.50% over the past 24 hours.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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According to Dailyhodl

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