Personally, I prefer to analyze through data. I won't repeat the data about the ancient giant whale and the big whale we talked about yesterday; if you don't quite understand, you can go back and take a look.

Yesterday, we said that the massive amount of cash was likely intended to consume the goods of that ancient giant whale. I checked the on-chain data, and until a few hours ago, the ancient giant whale was still slowly throwing out its holdings. At this pace, it indeed has the capacity to be consumed.

Unexpectedly, today there was an even bigger movement. Following the transfer of more than 10,000 BTC yesterday, today another whale deposited more than 30,000 BTC into the exchange all at once. This address is not the ancient whale from yesterday; it belongs to another whale, but it can't be ruled out that it’s the same group of people.

Here comes the question: why transfer so much in at around $120,000? Generally speaking, transferring coins to an exchange is likely for selling, right? If that’s the case, then it’s troublesome because this is the largest deposit in nearly a year. But as we mentioned before, if a whale of this level really wants to sell, it’s likely going to go OTC or make a large one-time sale to raise the average price; it’s improbable that they would directly list it and crash the price.

The key point is that this is also the second-largest deposit amount since 2022, which likely indicates that someone behind the scenes is planning something. At this time, we need to start paying attention to the rhythm of the altcoin season.

Looking back at the last two bull markets, the wildest phases of altcoins occurred when Bitcoin's market cap percentage rapidly declined. In the past two days, Ethereum and XRP have surged significantly, and Bitcoin's market cap percentage has already dropped by more than 4 points.

For the altcoin season to truly begin, several conditions generally need to be met: the Federal Reserve stops tapering, global liquidity increases, risk appetite rises, and a large number of retail investors enter the market. Right now, we can only say it’s the prologue; it’s not yet time for the real 'madness'. Take XRP as an example; many people think it has a large market cap and can't be pushed up, yet it still got pumped, right? This is the manifestation of big funds squeezing demand on-chain.

Some people might ask, is the altcoin season starting now? I think it's still early; we can only say it's an 'appetizer'. The real altcoin season is when emotions are high and a large influx of newcomers occurs, and we’re still a bit off from that point.

Those who feel left out shouldn't rush; if the altcoin season does come, all these actions are just the opening remarks. Data always leads the way.