Are Bitcoin Whales Buying the Dip? On-Chain Analyst Will Clemente Says New Trend Emerging for Large BTC Investors
On-chain analyst Will Clemente has identified a new trend emerging for Bitcoin investors that could signal a change in BTC’s market structure.
In the latest Blockware Intelligence newsletter, Clemente says that Bitcoin whales, or entities with more than 1,000 BTC, have finally started adding to their balance after months of selling.
“Whales had been distributing since September, but it seems that this week they are finally adding to their holdings (see an uptick in blue circle). A very interesting trend to watch for continuation over the coming weeks.”
In addition, Clemente says that the bigger players in the market are dominating Bitcoin’s transaction volume and have only been gaining a bigger presence since 2020.
“On a side note about large market participants: large transactions are currently dominating volume. This is a trend that has been growing for over a year now. Since 2020, the big boys are here and their share of transfer volume is only growing. This is also likely a reflection of transaction batching becoming more popular with major exchanges.”
The analyst says that deep-pocketed crypto investors on Coinbase are partially responsible for propping up the price of Bitcoin. According to Clemente, these entities had a hand in maintaining the $30,000 level as strong macro support for BTC.
“After breaking below $40,000 support, BTC now faces $40,000 as a heavy resistance level. Below, support remains $30,000 across several timeframes, but the area seems to have been front-run for now.
This frontrunning primarily came from an entity on Coinbase. As Bitcoin reached local lows just below $33,000, a fairly aggressive bid stepped in from Coinbase, shown by the heatmap of bids, cumulative volume delta and volume.”
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The post Are Bitcoin Whales Buying the Dip? On-Chain Analyst Will Clemente Says New Trend Emerging for Large BTC Investors appeared first on The Daily Hodl.
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Author: Daily Hodl Staff
