On-chain analyst Will Clemente said retailers are buying BTC but unable to run a sustainable rally on their own.

Clemente refutes the notion that retailers caused the Bitcoin price to sell off by 50%.

According to the analyst, retailers even increased their positions while the whales were selling.

“Many believe that retailers are causing the decline in Bitcoin.

However, the data shows that this is not the case. Retailers (units with 0.001 BTC to 1 BTC) have actively added BTC to their inventory. “

Source: Will Clemente / Twitter

Clemente says evidence suggests whales are selling bitcoin behind the scenes.

“It appears that the majority of sales are from whales (units over 1K BTC) as the number of whales in the chain continues to decline.”

Source: Will Clemente / Twitter

Clemente emphasized the importance of the key players in the crypto space.

“While this is good for adoption, it does show that retailers cannot sustain the strength of Bitcoin as it becomes a trillion dollar asset, and I doubt we’ll see new whales online for this bull run to continue have to.”

Despite a bearish June, Clemente sees Bitcoin showing signs of reversal. He shared a chart by on-chain analyst Willy Woo showing that the big guys are using the dips to buy dips.

“In my opinion, this graph is the easiest way to visualize what has happened in the last month. The strong hands amassing BTC from the recent decline, offsetting sales from the weak ones. Bitcoin is now waiting for the accumulation to be completed – seller burnout. “

Source: Willy Woo / Twitter

SN_Nour

According to Dailyhodl

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