• Whales sent over 61,000 BTC to exchanges on July 17, indicating significant profit-taking after Bitcoin reached a price of $123,000.

  • Bitcoin dominance fell from 64% to 60% in four days, indicating a shift towards alternative currencies.

  • The altcoin season may have begun as ETH, SOL, and others started to outperform during Bitcoin's price stabilization.

CryptoQuant data shows that Bitcoin whales sent over 61,000 BTC to exchanges on July 17 - the largest flow in a single day over the past year.

This sudden spike in whale deposits coincided with a sharp decline in Bitcoin dominance, raising questions about whether capital is shifting to alternative currencies.

Whale activities indicate that Bitcoin is in a consolidation phase.

According to data from CryptoQuant, 32,300 BTC flowed into exchanges in just one hour on July 17. This was followed by two previous transfers of 15,800 BTC and 13,400 BTC from wallets containing over 100 BTC.

These large movements usually indicate profit-taking, especially after Bitcoin reached its all-time high of $123,000 on July 14.

After whale flows, Bitcoin's price has retreated and is now trading between $117,000 and $118,000.

Bitcoin whales are flowing into exchanges.

Most importantly, the timing coincides with a sharp decline in Bitcoin dominance, which fell from 64% to 60% between July 17 and July 21.

A decrease in the dominance metric often indicates that investors are shifting from Bitcoin to alternative currencies. This trend is one of the early signs of an emerging altcoin season.

When Bitcoin stabilizes and capital flows into Ethereum, Solana, and mid-cap tokens, altcoins tend to outperform.

The short-term outlook for Bitcoin is now leaning towards consolidation. If whales continue to sell, additional downward pressure may be possible.

However, the current price support around $115,000 remains firm for now.

Meanwhile, the altcoin market is gaining strength. Dogecoin, Shiba Inu, and Solana posted double-digit gains last week. The market cap of meme coins alone rose by 8% today, nearing $90 billion.

The altcoin season index also rose from 32 to 56, further supporting the shift in market momentum.

Altcoin season index.

Overall, whale activity seems to cool Bitcoin's rise while quietly supporting altcoin gains. The next move depends on whether buyers will absorb selling pressure or if another wave of whale selling will occur.

Overall, this is a cooling period for Bitcoin and a beginning of momentum for altcoins. Continue to monitor whale flows and BTC.D to confirm the next stage.

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