On-chain analyst William Clemente says whales are once again plunging into the Bitcoin (BTC) markets. In his latest statement, Clemente states that the number of new users on the Bitcoin network is at an all-time high.

“First, let’s take a look at this chart that represents the net growth of users or ‘assets’ coming into the Bitcoin network. The growth of new users is now reaching all-time highs. More than 50,000 new assets are connected to the chain daily. ”

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Clemente says BTC whales are once again piling up with retail investors. The analyst says this trend has “doed nothing but accelerate this week,” with whales buying around $2,200,000,000 worth of BTC.

“Retail has been buying heavily for weeks, but we’ve finally got the whale growth we expected. This week, 17 new whales were born on the blockchain, while their total holdings increased by 65,429 BTC.”

Clemente also looks at BTC inflows and outflows on exchanges. The popular analyst uses Bollinger Bands, a volatility indicator that generates oversold or overbought signals, while examining the flow and exits of BTC to cryptocurrency exchanges. Clemente says the indicator has given its first “buy” signal since March.

“Using Bollinger Bands, the signal looks at times when cryptocurrencies are either heavily moved to or heavily withdrawn from exchanges. This was the first “buy” signal in more than 3 months and gave you another way to see if the trend is back to accumulation.”

Supporting other on-chain bullish signals, Clemente notes the behavior of those who buy Bitcoin. According to his analysis, those who bought BTC have little history of selling, suggesting that there may be a “supply shock” on the horizon.

“Assets with very low sales history continue to attract more money from speculative traders as the liquid supply ratio increases. This strength continues to be crushed upwards against the price. In my opinion, the issue of “when” reaccumulation will end is important. Once the process is complete, the market will experience a supply shock.”