A popular on-chain analyst has revealed that crypto whales have been buying Bitcoin (BTC) at a staggering rate in recent months.
Citing data from Glassnode, Will Clemente was a guest on Bitcoin bull Anthony Pompliano’s YouTube channel. Voicing his thoughts in the video, the analyst said that the whales (wallets with at least 1,000 BTC) started “aggressively buying” the leading asset just two months later, despite the Bitcoin sale in May.
“What you see here is that whales have added 184,699 BTC since July 17, which is about $8.80 billion.”
In a Twitter post, Clemente told his 263,000 followers that Bitcoin has also been bought by retail investors or organizations holding less than 10 BTC.
“Macro increase in retail investments that looks like the middle of a bull market.”
Macro increase in the holdings of retail, resembling the middle of a bull market. pic.twitter.com/Sm2EuwfvQB
— Will Clemente (@WClementeIII) September 17, 2021
The leading on-chain analyst adds that he believes Bitcoin will continue to rise over the next month as strong hands continue to accumulate BTC.
“We are currently in another bull trend where BTC is locked in strong hands. (organizations with a statistically low sales history). We expect the uptrend to continue until October, check the derivatives data for short-term price fluctuations.”
We are currently in another bullish impulse of BTC getting locked up by strong hands. (entities with statistically low history of selling)
Expecting continued upside through October, just keep an eye on derivatives data for short-term price fluctuations. Comfy in spot. pic.twitter.com/F8GpSKzM99
— Will Clemente (@WClementeIII) September 18, 2021
Alongside whales and retail investors, Santiment reported that a select group of BTC investors are also reinvesting in the leading crypto asset.
“Holding 100 to 10,000 BTC [Bitcoin] millionaires dumped 70,000 BTC between September 6-9, and on the 10th, the price fell by -14.7%. The same whales have now accumulated 60,000 BTC in the last three days and the price is up 5% again. Is that a coinsidence? No way.”
🐳 #Bitcoin millionaires holding 100 to 10k $BTC dumped 70k $BTC between Sep. 6th & 9th, and the price dropped -14.7% by the 10th. These same whales have now accumulated 60k $BTC back the past 3 days, and price is back up 5%. Coincidence? Absolutely not. https://t.co/n6XEZ4RbtT pic.twitter.com/D3aT8GWVRP
— Santiment (@santimentfeed) September 16, 2021
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.