{"id":294960,"date":"2021-07-09T17:02:06","date_gmt":"2021-07-09T14:02:06","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/new-bitcoin-entities-near-all-time-high-as-analyst-heralds-positive-whale-activity\/"},"modified":"2021-07-09T17:02:06","modified_gmt":"2021-07-09T14:02:06","slug":"new-bitcoin-entities-near-all-time-high-as-analyst-heralds-positive-whale-activity","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/new-bitcoin-entities-near-all-time-high-as-analyst-heralds-positive-whale-activity\/","title":{"rendered":"# New Bitcoin entities near all-time high as analyst heralds &#8216;positive whale activity&#8217;"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4164e8cc92f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4164e8cc92f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/new-bitcoin-entities-near-all-time-high-as-analyst-heralds-positive-whale-activity\/#50000_new_Bitcoin_entities_every_day\" >50,000 new Bitcoin entities every day<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/new-bitcoin-entities-near-all-time-high-as-analyst-heralds-positive-whale-activity\/#Never_mind_slow_block_times\" >Never mind slow block times<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># New Bitcoin entities near all-time high as analyst heralds &#8216;positive whale activity&#8217; <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) on-chain activity is &#8220;dead&#8221; but on-chain indicators are overwhelmingly positive right now, says analyst William Clemente.<\/p>\n<p>In the latest edition of Anthony Pompliano&#8217;s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/pomp.substack.com\/p\/new-whales-entering-the-market-and\">weekly newsletters<\/a>, Clemente highlighted multiple metrics showing no reason to be bearish about Bitcoin this month.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"50000_new_Bitcoin_entities_every_day\"><\/span>50,000 new Bitcoin entities every day<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>With BTC price action failing to impress, there is no shortage of bearish outlooks on Bitcoin, with even its best-known price models coming in for criticism.<\/p>\n<p>If on-chain data is anything to go by, Clemente argues, the situation is far from bearish.<\/p>\n<p>&#8220;The growth of new users is now reaching new all-time highs, over 50,000 new entities coming on-chain a day,&#8221; he summarized.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/4c6ee96c-f5ba-4d4f-b099-716f6b1b0eb4.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin entities net growth 14-day moving average chart. Source: William Clemente\/ Glassnode<\/em><\/figcaption><\/figure>\n<p>Those new entities could well be putting pressure on exchange reserves, which have resumed their downtrend \u2014 in the past week alone, almost 18,000 BTC has left exchange wallets.<\/p>\n<p>&#8220;Retail has been buying heavily for weeks now, but we finally got the uptick in whales that we were waiting for,&#8221; the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>letter continued. <\/p>\n<blockquote><p>&#8220;There were 17 new whales birthed on the blockchain this week, while at the same time the overall holdings of whales increase up by 65,429 BTC.&#8221;\u00a0<\/p><\/blockquote>\n<p>As Cointelegraph reported, whales have already been in the news for other reasons this week, with one giant build-up of short positions on exchange Bitfinex instigating a price dip which lost BTC\/USD important $33,000 support.<\/p>\n<p>More broadly, by contrast, Clemente views current activity as an &#8220;uptick in positive whale activity.&#8221;<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Never_mind_slow_block_times\"><\/span>Never mind slow block times<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Elsewhere, cause for optimism comes from a diminishing premium on the Grayscale Bitcoin Trust (GBTC) despite the impending unlocking events.<\/p>\n<p>Hash rate has likewise not returned to challenge recent lows of 83 exahashes per second (EH\/s), leaving only transaction numbers to worry about.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/56dae74b-7f1f-4668-bac6-1ead66610a1f.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin 7-day average hash rate chart. Source: Blockchain<\/em><\/figcaption><\/figure>\n<p>&#8220;Overall, on-chain activity is dead, shown by the number of Bitcoin transactions,&#8221; Clemente acknowledged.<\/p>\n<p>Even here, however, there is a caveat.<\/p>\n<p>&#8220;If I had to build up a bear case and challenge my own opinion this is one of the charts I would use; however, a portion of this drawdown is likely from people using the Bitcoin network less due to slower block times,&#8221; he reasoned.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-07\/b4bf6f0e-c002-4be4-a21a-1eb81db054d4.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin transaction numbers 14-day moving average chart. Source: William Clemente\/ Glassnode<\/em><\/figcaption><\/figure>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/new-bitcoin-entities-near-all-time-high-as-analyst-heralds-positive-whale-activity\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# New Bitcoin entities near all-time high as analyst heralds &#8216;positive whale activity&#8217; &#8221; Bitcoin (BTC) on-chain activity is &#8220;dead&#8221; but on-chain indicators are overwhelmingly positive right now, says analyst William Clemente. In the latest edition of Anthony Pompliano&#8217;s weekly newsletters, Clemente highlighted multiple metrics showing no reason to be bearish about Bitcoin this month&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":294961,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDcvMWViYjg5NTktZDhjOC00NDg5LWI3MDItYjEwNGU1MjdhYmIxLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,73785],"class_list":["post-294960","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/294960","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=294960"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/294960\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/294961"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=294960"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=294960"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=294960"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}