William Clemente, a popular on-chain analyst, reveals that Bitcoin (BTC) is currently going through a major accumulation phase with large organizations holding hundreds of billions of dollars worth of BTC. Details of the statements of the popular crypto analyst on this subject continue in our news…
Bitcoin has reached this rate for the 4th time in its history
In the latest issue of the Blockware Intelligence newsletter, famous in-chain analyst William Clemente stated that Bitcoin (BTC) He says that despite the volatile price action, market participants are buying and holding BTC at a historical rate. The crypto analyst states that there is an intense accumulation phase on the chain.
Funds exiting the exchange reached a rate that has occurred only three times before in Bitcoin history, in March 2020, December 2020 and September 2021. Alongside the massive outflow of BTC from cryptocurrency exchanges, Clemente highlights that whales are buying the leading crypto by market cap after dumping piles of BTC for most of the year:
This week saw a spike in whale stocks for the first time since January. seen an increase in the supply of assets over 1,000 BTC. Filtered for known on-chain assets such as exchanges.
It is worth paying attention to these levels
Judging by Clemente’s chart, Bitcoin whales currently hold more than 6.95 million BTC, which is collectively worth over $280.59 billion. Clemente also points to an on-chain metric that shows the trend of market participants holding BTC treasures. The analyst explains that the BTC supply, which has remained untouched for at least a year, is at a record level:
Another measure of holding behavior is to look at the amount of supply that was active a year ago. As of this week, the all-time high 63.7 percent of BTC supply has not moved in at least a year.
Despite the current Bitcoin supply dwindling, Clemente says no one currently holds BTC. The analyst, whose predictions we follow closely at Kriptokoin.com, sees Bitcoin as a value investment in the low range of $ 30,000 or as a momentum trade when it rises above $ 47,000.
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