According to the analysis, the user metrics on the Bitcoin network, the number of whales, the accumulated value of Bitcoin in large wallets have all skyrocketed in the past week.
Cryptocurrency analyst William Clemente recently said that the amount of Bitcoin whales bought has increased dramatically this week, reaching about $2.2 billion in Bitcoin.
In addition, the number of new users on the Bitcoin network has just hit a new high.
“First, let's take a look at this chart representing the net growth of users on the Bitcoin network. This number is now reaching an all-time high, with over 50,000 new users on-chain every day,” he said.
Besides, the number of Bitcoin whales is also increasing rapidly. Last week, 17 new whales joined the network. At the same time, the total number of Bitcoins held by whales increased by 65,429 Bitcoins.
The analyst also noted that the accumulation of Bitcoin could make the cryptocurrency more scarce in the future.
According to his analysis, whales buying Bitcoin are almost not selling. This suggests that a “supply shock” may be imminent.
Clemente commented:
Whales with a very low selling history are continuing to buy more BTC from speculative traders, with the liquidity supply rate skyrocketing. This buying force is continuing to affect the cryptocurrency price. There is no speculative event, in my opinion it is more a matter of 'when' BTC re-accumulation will end than 'if'. Once the process is complete, the market will experience a supply shock