Home Crypto Strong Hands Accumulating Bitcoin in Massive Amounts, According to On-Chain Analyst Will...

Strong Hands Accumulating Bitcoin in Massive Amounts, According to On-Chain Analyst Will Clemente

Closely-followed analyst Will Clemente says he’s seeing on-chain indicators indicating that sturdy arms are aggressively shopping for the Bitcoin dip.

Clemente tells his 123,400 Twitter followers that in the previous month, long-term holders have quietly amassed huge quantities of BTC to offset the promoting of short-term holders.

“In the final 30 days, long-term holders have added 579,940 BTC to their holdings whereas short-term have lowered their holdings by 521,983 BTC.”

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Source: Will Clemente/Twitter

Looking at short-term holders, Clemente highlights a tweet from Lex Moskovski, CIO of crypto-focused hedge fund Moskovski Capital, exhibiting how these entities are parting with their BTC and taking losses comparable to the bear market of 2018 and the coronavirus-induced panic in March final yr.

“Bitcoin short-term holders capitulated yesterday. They took losses on par with all the foremost drawdowns in Bitcoin historical past.”

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Source: Lex Moskovski/Twitter

While short-term holders promote, Lex Moskovski emphasizes that billions and billions of {dollars} value of capital are flowing into exchanges in the type of stablecoins, suggesting that traders who’re staying on the sidelines are preparing to enter the crypto markets.

“Supply of stablecoins on exchanges reached new ATH (all-time excessive) of $17 billion. Plenty of dry powder to purchase dips, no marvel Bitcoin under $30,000 was scooped so quick.”

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Source: Lex Moskovki/Twitter

At time of writing, Bitcoin is buying and selling at $34,349, up 4.50% in the final 24 hours, according to CoinMarketCap

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Featured Image: Shutterstock/aapsky

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