2 November 2024
Crypto Whales Accumulates $2,200,000,000 in Bitcoin: William Clemente
Famous On-chain analyst William Clemente estimates that crypto whales are once again diving into the Bitcoin markets.
In his latest newsletter, Clemente asserted that the number of new users on the Bitcoin (BTC) network reached a new all-time high. Over 50,000 new entities coming on-chain a day, he claimed
Furthermore, Clemente predicted that BTC whales are accumulating along with retail investors, and to date, they bought $2,200,000,000 worth of BTC. Clemente is also closely monitoring the inflows and outflows of BTC on exchanges using the Bollinger Bands – a volatility indicator that generates oversold or overbought signals. Upon examination, the indicator flashed its first “buy” signal since March.
“Using Bollinger Bands, the signal looks at times that [sic] coins are either moved onto exchanges heavily or pulled off exchanges heavily. This just flashed the first ‘buy’ signal in over 3 months, giving you another way to see the trend reversal into accumulation.”
Supporting the other on-chain bullish signals, Clemente notes the behaviour of the entities scooping up Bitcoin. According to his analysis, the entities buying up BTC have a minimal history of selling, indicating that a “supply shock” could be on the horizon.
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