Unchained Unconfirmed: Strong Hands Aren't Selling Bitcoin. So Who Is? - Ep.249
Jun 25, 2021
Will Clemente, author of the BTC by WC3 newsletter, discusses the current nuances in Bitcoin's on-chain activity. He argues that the market is in a mid-cycle lull rather than bearish territory. Will analyzes who is selling Bitcoin during this downturn and highlights the unwinding of derivatives as a key factor. His insights reveal how long-term holders are maintaining their positions, while he identifies metrics to watch for future trends. He also expresses interest in Bitcoin usage trends in Latin America, adding socioeconomic dimensions to the conversation.
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Bitcoin Market Analysis
- Will Clemente uses on-chain data, like technical analysis, to understand Bitcoin's market.
- He views the current market as a mid-cycle consolidation rather than a bear market.
Bitcoin Holders' Behavior
- Long-term holders are buying Bitcoin at discounted prices, similar to the 2013 consolidation.
- Recent sellers are primarily new market participants, not experienced holders.
Impact of Institutional Sellers and External Factors
- Institutional sellers are driving the recent downturn, contrary to popular belief.
- The downturn might coincide with Elon Musk's remarks on ESG concerns and China's actions.