Altcoins
Whales in the crypto space are preparing for altcoin season
2h30 ▪ 3 minute read ▪ by Fenelon L.
According to the latest blockchain data, major investors in the cryptocurrency space appear to be positioning themselves for the next altcoin bull season. This accumulation could herald huge gains for Bitcoin alternative coins in the coming months.
First signs of an altcoin rally
Blockchain analysts have identified several indicators that suggest interest. According to blockchain data analyst Santiment, the largest Bitcoin wallets they have significantly reduced their positions in recent months. Whale wallets holding between 1,000 and 10,000 BTC have substantially reduced their holdings.
At the same time, transactions over $100,000 in Bitcoin have dropped significantly, indicating that major investors are temporarily distancing themselves from the queen of cryptocurrencies.
In reverse, Ethereum whales have accumulated massively in recent months. Wallets holding over 10,000 ETH have added nearly 22 million Ether to their reserves over the past 14 months.
A similar trend is seen in XRP, where large wallets holding over 10 million units have accumulated an additional 3.17 billion XRP over the past year and a half.
The time for Altcoins has come…
These massive flows by institutional investors seem to indicate an imminent change in trend. After months of overwhelming dominance of Bitcoin, the altcoin season seems about to restart.
From a technical point of view, the BTC dominance in the rest of the cryptocurrency market it just broke a long-term uptrend. This is typically a signal heralding a rotation into altcoins.
The ETH/BTC pair is also testing the resistance of a multi-year bearish channel, suggesting an imminent Ethereum rally against Bitcoin.
With the recent approval of the first Ether spot ETFs in Hong Kong and the United States, many investors are positioning themselves on the Ethereum gem for the coming months.
In summary, all signals are green for a powerful altcoin rally in the near future, after the massive accumulation by the main investors in the sector in recent months.
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Fenelon L.
Passionate about Bitcoin, I want to explore the meanings of blockchain and cryptocurrencies and participate in my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.