On-chain analyst William Clemente says whales are once again diving into the Bitcoin markets.
In his latest newsletter, Clemente notes that the number of new users on the Bitcoin (BTC) network is at a new all-time high.
“First, let’s take a look at this chart representing the net growth of users, or ‘entities’ coming on the Bitcoin network. The growth of new users is now reaching new all-time highs. Over 50,000 new entities coming on-chain a day.”
Clemente says BTC whales are once again accumulating along with retail investors. The analyst says that this trend “has done nothing but accelerate this week”, with whales buying about $2,200,000,000 worth of BTC.
“Retail has been buying heavily for weeks now, but we finally got the uptick in whales that we were waiting for. There were 17 new whales birthed on the blockchain this week, while at the same time, the overall holdings of whales increase up [sic] by 65,429