Cryptoque data shows that Bitcoin whales sent more than 61,000 BTC to scholarships on July 17 – the largest entry in one day in one year.
This sudden increase in whale deposits coincided with a sharp drop in the domination of Bitcoin, which raised if the capital turns in altcoins.
Whale activity suggests that bitcoin is consolidated
According to cryptocurrency data, 32,300 BTC flocked to exchanges in just one hour on July 17. This followed two previous transfers of 15,800 BTC and 13,400 BTC of wallets containing more than 100 BTC.
These major movements generally report profit, especially after Bitcoin has reached a new summit of $ 123,000 on July 14.
After whale entries, the Bitcoin price has retired and is now negotiated between $ 117,000 and $ 118,000.
More importantly, the timing aligns with a sharp drop in the domination of Bitcoin, which increased from 64% to 60% between July 17 and July 21.
A decrease in the metric of dominance often indicates that investors are running out of bitcoin and in altcoins. This trend is one of the first signs of an emerging Altcoin season.
When Bitcoin stabilizes and capital flows in Ethereum, Solana and midfielder tokens, altcoins tend to outperform.
Bitcoin’s short -term prospects are now leaning towards consolidation. If the whales continue to sell, new downward pressure is possible.
However, the current price support of around $ 115,000 remains intact yet.
Meanwhile, the Altcoin market is gaining strength. Ethereum, XRP and Solana displayed two -digit gains in last week. The market capitalization of the play alone has only jumped 8% today, approaching $ 90 billion.
The Altcoin season index has also increased from 32 to 56, supporting more the change in market momentum.
In summary, the activity of the whales seems to cool the Bitcoin rally while quietly feeding Altcoin gains. The following movement depends on whether buyers absorb the sale pressure or if another wave of sales of whales occurs.
Overall, it is a cooling period For Bitcoin and the start of the momentum for altcoins. Continue to look at the whale and BTC.D flows to confirm the next phase.
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