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Wed 29 May 2024 3 min of reading by Fenelon L.

Major investors in the crypto sector appear to be positioning themselves for an upcoming altcoin bull season, according to the latest blockchain data. This accumulation could herald massive gains for Bitcoins alternative coins in the coming months.

Blockchain analysts have identified several indicators suggesting interest. According to blockchain data analyst Santiment, the largest Bitcoin wallets have significantly reduced their positions in recent months. Whale wallets holding between 1,000 and 10,000 BTC have substantially decreased their holdings.

At the same time, transactions over $100,000 in Bitcoin have dropped significantly, indicating that major investors are temporarily turning away from the crypto queen.

Conversely, Ethereum whales have massively accumulated in recent months. Wallets holding over 10,000 ETH have added nearly 22 million ethers to their reserves over the past 14 months.

A similar trend is observed in XRP, where large wallets holding over 10 million units have amassed an additional 3.17 billion XRP over the past year and a half.

These massive flows from institutional investors seem to indicate an imminent trend change. After months of Bitcoins overwhelming dominance, the altcoin season appears to be on the verge of restarting.

From a technical standpoint, the BTC dominance over the rest of the crypto market has just broken a long-term upward trend. This is typically a signal heralding a rotation to altcoins.

The ETH/BTC pair is also testing the resistance of a multi-year downward channel, suggesting an imminent rally 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 Ethereums jewel for the coming months.

In summary, all signals are green for a powerful rally in altcoins in the near future, after massive accumulation by major sector investors in recent months.

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Passionn par le Bitcoin, j'aime explorer les mandres de la blockchain et des cryptos et je partage mes dcouvertes avec la communaut. Mon rve est de vivre dans un monde o la vie prive et la libert financire sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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Whales in the crypto space are gearing up for altcoin season - Cointribune EN