Bitcoin (BTC) on-chain activity is “dead” but on-chain indicators are overwhelmingly positive right now, says analyst William Clemente.
In the latest edition of Anthony Pompliano’s weekly newsletters, Clemente highlighted multiple metrics showing no reason to be bearish about Bitcoin this month.
50,000 new Bitcoin entities every day
With BTC price action failing to impress, there is no shortage of bearish outlooks on Bitcoin, with even its best-known price models coming in for criticism.
If on-chain data is anything to go by, Clemente argues, the situation is far from bearish.
“The growth of new users is now reaching new all-time highs, over 50,000 new entities coming on-chain a day,” he summarized.
Bitcoin entities net growth 14-day moving average chart. Source: William Clemente/ Glassnode
Those new entities could well be putting pressure on exchange reserves, which have resumed their downtrend — in the past week alone, almost 18,000 BTC has left exchange wallets.
“Retail has been buying heavily for weeks now, but we finally got the uptick in whales