Famous on-chain analyst Will Clemente said that a new trend has emerged for large BTC investors. On-chain analyst Will Clemente has identified a new trend for Bitcoin investors that could signal a change in the market structure of BTC. Details are on Kriptokoin.com.
New trend for Bitcoin?
In his latest Blockware Intelligence newsletter, Clemente says that Bitcoin whales, or assets with more than 1,000 BTC, are finally starting to increase their balances after months of selling. “The whales have been deploying since September, but it seems they are increasing their holdings this weekend. “It’s a very interesting trend to continue in the coming weeks,” he says. Also, Clemente says that the larger players in the market dominate Bitcoin’s trading volume, and since 2020 these have only gained a larger presence. The analyst says:
A note about major market participants: large trades dominate volume at the moment. This is a growing trend for over a year. The big ones have been here since 2020, and their share of transfer volume is only growing. This is also a reflection of transaction grouping, which is becoming more popular on major exchanges.
The analyst says deep-pocketed crypto investors at Coinbase are partially responsible for supporting the Bitcoin price. According to Clemente, these assets have a share in maintaining the $30,000 level as strong macro support for BTC. Clemente says:
After dipping below the $40,000 support, BTC is now facing a heavy resistance level at $40,000. Below, support remains at $30,000 over several timeframes, but the area seems to be in the foreground for now. This preliminary work primarily came from an asset on Coinbase. A rather aggressive bid came from Coinbase, illustrated by the heatmap of quotes, cumulative volume delta, and volume as Bitcoin hit local lows just under $33,000.
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