Large transfers $BTC signal a trend change
According to CryptoQuant, on July 17, cryptocurrency exchanges recorded a significant inflow of BTC. Within one hour, 32,300 BTC were received. This transfer was preceded by transactions of 15,800 and 13,400 BTC. The coins came from large wallets.
Such large movements traditionally indicate that major holders are locking in profits. This is a natural development since on July 14, Bitcoin reached a new all-time high of $123,000. After the influx of coins to the exchanges, the price retraced and stabilized in the range of $117,000-118,000.
Alongside the sales of Bitcoin, an important change in market structure occurred. BTC dominance fell from 64% to 60% during the period from July 17 to 21 — a classic sign of the beginning of an altseason. When Bitcoin stabilizes, investors begin to seek higher returns in alternative cryptocurrencies.
Data confirms this trend:
Ethereum, XRP, and Solana showed double-digit growth over the week;
The market capitalization of meme coins grew by 8% and approached $90 billion;
