On-Chain Analyst Will Clemente: Deep Dive on Whale Activity
Popular On-chain analyst, Will Clemente recently published his latest work on Bitcoin on-chain signals. He is closely following the whale account activity on-chain and how it affects the BTC price movements.
According to Clemente, there are two ways to look at this:
The number of entities on the chain that hold over 1,000 BTC
The raw number of BTC that those entities all hold combined
“For a while now we’ve been watching the number of whales on-chain trending down. On Friday the 2nd, 18 new whales surfaced on the chain. However, the broader trend in the number of individual whale entities is down.”
Clemente reveals that total Bitcoin balance of these accounts have been in a down trend, but has recently gone up rapidly.
“Now let’s look at this in terms of the raw combined BTC balance of every whale entity. This has been slowly grinding up since late May. But check out that big spike in their holdings on Friday. This spike totaled +82,760 BTC.“
Conclusion
According to the analyst, since May the broader trends have been fewer whales, which means that whales as a whole increased their holdings.
The supply has been consolidating into the hands of older whales. But, that big spike in both the number of whales and their holdings on the 2nd leads Clemente to believe we may finally start to see some new big buyers step in.
The analyst suggest to keep an eye for these signals:
“Whales increase balance, less whales = Supply consolidating into older whales wallets (time period varies)
