A popular on-chain analyst says that crypto whales have been buying up Bitcoin (BTC) at an astonishing rate in recent months.
Citing data from Glassnode, Will Clemente tells Bitcoin bull Anthony Pompliano that even though whales, or entities with at least 1,000 BTC, unloaded Bitcoin in May, they started “aggressively buying” the top crypto just two months later.
“What you see here is that since July 17th, which is two months ago, whales have added 184,699 BTC, which is roughly $8.80 billion dollars.”
Clemente tells his 263,000 Twitter subscribers that Bitcoin is also being purchased by retail investors, or entities holding less than 10 BTC.
“Macro increase in the holdings of retail, resembling the middle of a bull market.”
The prominent on-chain analyst adds that he believes Bitcoin will continue rallying through next month as strong hands continue to accumulate BTC.
“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.”
On top of whales and retail investors, Santiment says that a certain group of BTC investors is also scooping up the leading crypto asset.
“[Bitcoin] millionaires holding 100 to 10,000 BTC dumped 70,000 BTC between Sept. 6th and 9th, and the price dropped -14.7% by the 10th.These same whales have now accumulated 60,000 BTC back the past three days, and price is back up 5%.”
Bitcoin is exchanging hands at $45,801 at time of writing, according to CoinGecko.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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