According to William Clemente, whales are amassing $ 2.2 billion in bitcoin this week

On-chain analyst William Clemente says whales are hitting the bitcoin market again.

in the news In his latest release, Clemente noted that the number of new users on the Bitcoin network has reached a new all-time high.

“First, take a look at the graph below, which shows the net growth of incoming users or“ units ”on the Bitcoin network. The new customer growth has now reached a new all-time high. More than 50,000 new entities appear in the chain every day. “

Source: Glassnode

Clemente said that bitcoin whales are piling up again with retail investors and the trend accelerates as the week progresses as whales bought around $ 2.2 billion in bitcoin.

“Retail investors have been accumulating large numbers for weeks, but whales are also getting in. This week, 17 new whale entities joined the network, and at the same time the total number of bitcoins held by whales has increased by 65,429 BTC.

Clemente also studies the inflow and outflow of Bitcoin on the exchanges. The analyst uses Bollinger Bands – a volatility indicator that generates oversold or overbought signals – when studying the flow of bitcoin to and from the exchanges. The indicator is showing its first “buy” signal since March, he said.

“With Bollinger bands, the signal examines when coins are heavily moved on or withdrawn from exchanges. This is only the first buy signal in over 3 months and offers you another opportunity to see a trend reversal towards accumulation. “

Source: William Clemente

Clemente notes the behavior of companies buying Bitcoin. According to his analysis, companies that buy Bitcoin have very little sales history, suggesting that a “supply shock” could be imminent.

“Companies with very low sales histories continue to buy more Bitcoin from speculative traders, with the liquidity supply rate skyrocketing. This force continues to affect the price. Since there is no event of surrender, the question arises, in my opinion, “when” the accumulation ends, not “if”. As soon as this process is completed, the market will experience a supply shock. “

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According to Dailyhodl

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