The cryptocurrency market is in a strong growth phase, with a global market capitalization of 3.47 trillion USD and Bitcoin continuously reaching new highs.
Cryptocurrency whale activity is an important hot point, helping to predict the next trend of both Bitcoin and Altcoins through On-Chain signals and transaction volumes.
MAIN CONTENT
Whales withdrew more than 10,000 Bitcoin from exchanges on 7/7, demonstrating strong HODL sentiment.
Whale transactions surged on 8/7, forecasting potential price volatility and portfolio shifts.
The Altcoin season has not truly begun as the Season Index only reached 28/100, but potential still exists as BTC loses strength.
What does On-Chain activity reveal about cryptocurrency whales?
On-Chain analysts from CryptoQuant show that Bitcoin outflows from exchanges have continuously been negative, particularly on 7/7 when over 10,000 BTC were withdrawn, the highest recent level.
This proves that whales are prioritizing holding coins in the long term instead of panic selling, laying the groundwork for the next price uptrend.
"Whale withdrawals from exchanges indicate confidence in Bitcoin's price and reduce selling pressure in the market."
CryptoQuant spokesperson, 07/15/2024
What does a surge in whale transactions signal?
Data from Santiment shows that the number of transactions over 1 million USD by whales surged on 8/7, indicating strong activity in both buying and selling.
This event often occurs before major price movements, especially when Bitcoin is about to break out and may pull capital into high-risk Altcoins with greater potential profits.
Has the Altcoin season come near?
Despite many positive signals, the Altcoin Season Index has only reached 28/100, indicating that capital rotation has not occurred strongly between Bitcoin and Altcoin.
Market experts state that when Bitcoin dominance decreases and Altcoins begin to break out steadily, the Altcoin season will truly awaken, creating strong growth opportunities for altcoins.
Bitcoin vs Altcoin: Who is in the lead?
According to technical and On-Chain analysis, Bitcoin is facing a significant resistance level at its historical peak despite strong buying pressure from whales.
Indicators like RSI and MACD both signal that a correction may appear. Meanwhile, Ethereum, Solana, and some top Altcoins show positive signs with an increase in whale wallet activity and the amount of stablecoin flowing into altcoin-focused exchanges.
"The balance between Bitcoin and Altcoin will determine the next trend of the global cryptocurrency market."
Mr. Nguyen Van An, CEO of Blockchain Consulting Company, 06/10/2024
Frequently Asked Questions (FAQs)
Why are whales shifting capital from Bitcoin to Altcoin?
Whales rotate to optimize profits. When Bitcoin rises sharply and shows signs of stagnation, whales often funnel capital into Altcoins to seek higher profit opportunities.
What does the decrease in Bitcoin dominance mean?
This is a sign of the beginning of the Altcoin season, as capital flows from Bitcoin to Altcoins like Ethereum, Solana, or new Layer-1s.
How does the amount of Bitcoin withdrawn from exchanges affect the market?
Large withdrawals indicate strong HODL sentiment, reduce selling pressure, and are often seen as a positive signal for Bitcoin's price.
What does the sudden increase in whale transactions signal?
This is a sign that the market may experience significant volatility with a strong potential shift in investment positions from whales.
How does the Altcoin Season Index help investors make decisions?
This index shows whether capital is shifting into Altcoins, very useful for assessing Altcoin season opportunities.
Source: https://tintucbitcoin.com/bitcoin-co-bi-rut-dong-tien-sang-altcoin/
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