Data provided by a popular analytics company shows that whales have been actively accumulating Bitcoin on the dip

Trader and analyst Willy Woo has taken to Twitter to share a couple of Glassnode charts which show that Bitcoin is doing well despite low hashrate and China’s crackdown on miners.

The first chart he shared demonstrates a sharp rise in the Bitcoin supply held by crypto whales – owners of wallets with 1,000 – 10,000 BTC.

Bitcoin whales are accumulating the flagship crypto on the dip, ignoring the negative news coming from China and world’s central banks.

“Nom nom nom… BTC so yummy today.”

— Willy Woo (@woonomic) July 3, 2021

Another chart from Glassnode shared by Woo indicates a major rise in the number of Bitcoin entities. Woo adds that right now the number of BTC users has hit all-time highs for 2021.

@glassnode data: “Bitcoin user growth at all time highs for 2021”

CryptoTwitter traders: “It’s definitely a bear market”

— Willy Woo (@woonomic) July 3, 2021

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