Back to the list

$1,000,000,000 in Bitcoin Withdrawn From Exchanges in Just One Day: On-Chain Analyst Will Clemente


dailyhodl.com 02 May 2021 17:50, UTC
Reading time: ~2 m

Crypto analyst Will Clemente is revealing that big-money investors continue to accumulate Bitcoin in massive amounts as the leading cryptocurrency trades below $60,000.

In a new tweet, the analyst says that he spotted a mysterious entity facilitating the largest Bitcoin withdrawal seen on-chain in three weeks.

“Whoa… Glassnode reporting a massive withdrawal from exchanges totaling 11,504 BTC ($667 million) earlier today… Who could it possibly be this time?”

Source: Will Clemente/Glassnode/Twitter

In a separate transaction, Clemente adds that he witnessed the relocation of 6,056 BTC worth $331.80 million in a span of a few minutes.

This morning, a huge batch of 6,056 #BTC ($331.8M) was moved off exchanges within 10 minutes. pic.twitter.com/wrsBpr9sRb

— William Clemente III (@WClementeIII) April 27, 2021

All in all, the on-chain analyst highlights that a total of 18,084 BTC worth $1.04 billion were moved off exchanges in a span of 24 hours, giving him reason to posit that “some serious announcements are to be made soon.”

In addition to the huge Bitcoin withdrawals, Clemente notes that he’s seeing on-chain indicators flash bullish signals.

Prior to the withdrawal of the massive BTC stash, the analyst detected the inflow of USDT (Tether) to exchanges to the tune of hundreds of millions of dollars, suggesting that investors are gearing up to accumulate crypto.

“Caught another huge batch of Tether moved to exchanges totaling $405,845,835. Some serious buys are being made. Which institution could it be this time?”

Source: Will Clemente/Glassnode/Twitter

On top of the massive influx of stablecoins onto exchanges, Clemente notes that the number of Bitcoin accumulation addresses, a metric that shows the number of addresses that have at least three incoming transactions and have never spent BTC while being active in the last seven years, is in the midst of parabolic growth.

“Wow, another leg up in Bitcoin Accumulation Addresses. Up only.”

Source: Will Clemente/Glassnode/Twitter

Clemente is looking at miner activity as well. According to the on-chain analyst, miners are keeping their BTC stash at a rate never before seen in a boom cycle.

“These levels of Bitcoin Miner Accumulation are unprecedented in a bull market. This is especially true for the huge increase seen on-chain in the last month. Miners are stacking heavily.”

Source: Will Clemente/Glassnode/Twitter

Back to the list