A whale just sold 96,155 $SOL, cashing out $4.5 million. The problem? They bought in at an average of $100 a year ago and could have sold for $250 not too long ago. Even big players are starting to panic and sell at the lows.
Are we going lower? I don’t think so. As mentioned earlier, we’re approaching a key support zone around $87K for BTC. Could we still dip to $71K? Absolutely—especially with Trump seemingly doing everything to shake the markets. But there’s still hope. Despite occasional large sell-offs, whales and institutions are mostly accumulating.
Case in point: today, they picked up 8K BTC, 40.6K ETH, and a variety of altcoins. So, what’s next? Are we gearing up for a bounce? What’s your take? $BTC $ETH
A whale just sold 96,155 $SOL, cashing out $4.5 million. The problem? They bought at an average of $100 a year ago and missed the chance to sell at $250 not long ago. Even whales are starting to panic and sell at the lows.
Are we heading even lower? I don’t think so. As mentioned earlier, we’re approaching a key support zone around $87K for BTC. Sure, a drop to $71K is possible—especially with Trump seemingly doing everything to shake the markets—but there’s still hope. Despite occasional large sell-offs, whales and institutions continue to accumulate.
Recent market indicators suggest that an altcoin season may be approaching. Historically, such seasons have been triggered when Bitcoin's market dominance declines, allowing altcoins to outperform. Currently, Bitcoin's dominance stands at approximately 61.64%, and a significant drop below this threshold could signal the onset of a major altcoin rally.
Additionally, the Altcoin Season Index, which measures the performance of altcoins relative to Bitcoin over a 90-day period, is currently at 21, indicating a Bitcoin-dominated market. However, as the market evolves, a shift in this index could further confirm the beginning of an altcoin season.
Furthermore, the upcoming Bitcoin halving event, expected in April 2025, has historically been associated with increased altcoin activity. Past cycles suggest that altcoin seasons tend to commence several months after Bitcoin halvings, with previous instances occurring in early 2017 and early 2021.
Given these factors, traders are advised to monitor Bitcoin's market dominance, the Altcoin Season Index, and developments surrounding the Bitcoin halving. Staying informed and vigilant for confirmation signals will be crucial for those looking to capitalize on potential altcoin opportunities in the near future.