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Whales in the Crypto Space Are Gearing Up for Altcoin Season
2h30 ▪ 3 min reading ▪ by Fenelon L.
Top investors in the crypto sector appear to be positioning themselves for the upcoming altcoin bull season, according to the latest blockchain data. This accumulation could mean massive gains for Bitcoin alternative currencies 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 biggest Bitcoin Wallets have significantly reduced their positions in recent months. Whale portfolios holding between 1,000 and 10,000 BTC have decreased substantially.
At the same time, transactions above $100,000 in Bitcoin have dropped significantly, indicating that mainstream investors are temporarily moving away from the king of cryptocurrencies.
On the other hand, Ethereum Whales have accumulated massively in recent months. Wallets with more than 10,000 ETH have added nearly 22 million ethers to their reserves in the last 14 months.
A similar trend is seen in XRP, where large wallets with over 10 million units have accumulated an additional 3.17 billion XRP over the past year and a half.
It’s time for Altcoins…
Those massive flows of institutional investors seem to indicate an imminent change in trend. After months of Bitcoin’s overwhelming dominance, the altcoin season appears to be about to resume.
From a technical point of view, the BTC Dominance relative to the rest of the crypto market has just broken a long-term upward trend. This is typically a signal announcing a rotation into altcoins.
The ETH/BTC pair is also testing the resistance of a multi-year descending channel, suggesting an imminent recovery for Ethereum against Bitcoin.
With the recent approval of the first spot ETFs on Ether in Hong Kong and the United States, many investors are positioning themselves on the Ethereum gem for the coming months.
In short, all lights are green for a powerful recovery in altcoins in the near future, following massive accumulation by the sector’s main investors in recent months.
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Fenelon L.
Passionate about Bitcoin, I am exploring the paths of blockchain and cryptocurrencies and sharing them with the community. My joy is living in a world where private life and financial freedom are guarantees for everyone, and I am convinced that Bitcoin is the tool that can make this possible.
DISCLAIMER
The views, thoughts and opinions expressed in this article belong solely to the author and should not be considered investment advice. Do your own research before making any investment decisions.