Reports of a virtually finalized U.S.-China trade agreement caused the market to briefly rise, but rising geopolitical tensions after Israeli airstrikes on Iran have caused mood to shift and the cryptocurrency market to once again face bearish pressure.
While the geopolitical unrest is causing a general "risk-off" move, on-chain data indicates that cryptocurrency whales appear to be preparing their next major move as Bitcoin continues to decline, testing important support levels.
According to one researcher, a few altcoins that are whale favorites may be preparing for a rally in the near future:
Cardano (ADA), the first altcoin
Hyperliquid (HYPE) is the second altcoin
Ethereum (ETH) as the 3rd altcoin