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According to the latest blockchain data, some of the biggest investors in the cryptocurrency space are gearing up for an upcoming altcoin bull market, a buildup that could portend big gains for Bitcoin alternatives in the coming months.
Early signs of an altcoin upswing
Blockchain analysts have identified several indicators that suggest interest. According to blockchain data analyst Santiment, the largest Bitcoin wallets have significantly reduced their holdings in recent months. Whale wallets holding between 1,000 and 10,000 BTC have significantly reduced their holdings.
At the same time, Bitcoin trading above $100,000 has dropped significantly, suggesting that major investors are temporarily turning their attention away from the queen of cryptocurrencies.
Conversely, Ethereum whales have been buying heavily in recent months: wallets holding over 10,000 ETH have added roughly 22 million Ether to their reserves over the past 14 months.
A similar trend has been observed with XRP, with larger wallets holding over 10 million units accumulating an additional 3.17 billion XRP over the past year and a half.
The age of altcoins has arrived…
This massive influx of funds from institutional investors seems to signal an imminent change in trend, as altcoin season appears about to resume after months of Bitcoin dominance.
From a technical perspective, a long-term uptrend has just been broken as BTC has outperformed the rest of the crypto market, which typically signals a rotation into altcoins.
The ETH/BTC pair is also testing the resistance of the multi-year descending channel, suggesting that a surge in Ethereum against Bitcoin may be imminent.
With the recent approval of the first Ethereum spot ETF in Hong Kong and the United States, many investors are poised to invest in the Ethereum gem over the coming months.
In summary, after the massive buying spree by major sector investors over the past few months, all signs point to a strong rise in altcoins in the near future.
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Passionate about Bitcoin, I love exploring the world of blockchain and cryptocurrencies and sharing what I discover with the community. My dream is to live in a world where private life and financial freedom are guaranteed for everyone, and I believe Bitcoin is the tool that will make this possible.
Disclaimer
The views, thoughts and opinions expressed in this article are those of the author and should not be taken as investment advice. Please conduct your own research before making any investment decisions.
