Bitcoin accumulation has exploded this year and big investors continue to enter the crypto market.
It’s been revealed by analyst will Clemente that big money continue to enter the crypto space, especially Bitcoin.
Big money has been buying. Since May 19th, entities with 10K-100K BTC have added +269,450 to their holdings. ($12.1B)
These entities have between $450M-$4.5B of their capital allocated to Bitcoin. pic.twitter.com/Sv1xZfUukC
— Will Clemente (@WClementeIII) August 10, 2021
He also noted that “Whale activity is also evident by the increase of transfer volume >$10M.”
Check out the complete thread to also see the whale activity these days.
Bitcoin price today
At the moment of writing this article, BTC is trading in the green and the king coin manages to stay above the important level of $45k. BTC is currently priced at $45,992.79.
An important analyst said that Bitcoin is still undervalued these days.
Will Clemente recently said that Bitcoin remains undervalued based on the strength of its on-chain fundamentals.
Two surging on-chain metrics
In his latest weekly overview, he addressed two surging on-chain metrics. He said that these are significantly outpacing the rise of BTC’s value.
“In blue, illiquid supply shock ratio, which compares the movement of coins from liquid (weak hands) entities to illiquid (strong hands) entities. In purple, exchange supply shock ratio, which compares the amount of supply held on exchanges relative to overall circulating supply. Both of these are trending strongly upwards, with price lagging behind.”
Retail traders are buying and holding BTC
He also made sure to point out that he’s looking at retail traders, as the cohort shows signs of increased buying and holding behaviours.
“The little guys have been buying BTC like crazy. Their holdings have not only increased as a percentage of overall supply, but also as a percentage of supply held by entities with little spending history (strong hands).”
Stay tuned for more news.