Whales Accumulate $2.2 Billion Bitcoin in One Week

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Whales Accumulate Over $2 Billion in Bitcoin in One Week

According to the analysis, the user metrics on the Bitcoin network, the number of whales, the accumulated Bitcoin value in large wallets They all increased in the past week.

Cryptocurrency analyst William Clemente recently said that the amount of Bitcoin whales bought has increased dramatically this week, reaching about $2.2 billion in Bitcoin.

In addition, the number of new users on the Bitcoin network has just hit a new high.

“First, let’s take a look at this chart representing the net growth of users on the Bitcoin network. This number is now at an all-time high, with over 50,000 new users on-chain every day,” he said.

Besides, the number The number of Bitcoin whales is also increasing rapidly. Last week, 17 new whales joined the network. At the same time, the total number of Bitcoins held by whales increased by 65,429 Bitcoins.

bitcoin chart

Clemente is also looking at the inflow and outflow of Bitcoin on exchanges.

Using the Bollinger Bands indicator to examine the flow of Bitcoin to and from crypto exchanges, Clemente noticed that: “The indicator is sending its first buy signal since March.”

bitcoin chart

The analyst also noted that the accumulation of Bitcoin could make the cryptocurrency more scarce in the future.

According to his analysis, whales buying Bitcoin are almost not selling. This suggests that a “supply shock” may be imminent.

Clemente commented:

Whales with a very low selling history are continuing to buy more BTC from speculative traders, with the liquidity supply rate skyrocketing. This buying force is continuing to affect the cryptocurrency price. There is no speculative event, in my opinion the issue is more ‘when’ BTC re-accumulation will end than ‘if’. Once the process is complete, the market will experience a supply shock

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