Encrypted data shows that Bitcoin Zilla sent over 61,000 BTC in exchange on July 17th. This is the largest daily inflow of the year.
This sudden spike in whale deposits coincided with a sharp decline in Bitcoin’s domination, raising doubts about whether capital was spinning into altcoins.
Whale activity suggests that Bitcoin is consolidated
According to Cryptoquant data, 32,300 BTC flowed into the exchange on July 17th in just an hour. It followed two previous transfers of 15,800 BTC and 13,400 BTC from the wallet holding 100 BTC.
These big moves usually show profit gains, especially after Bitcoin hit a new all-time high of $123,000 on July 14th.
Following the influx of whales, Bitcoin prices have been pulled back and are currently trading between $117,000 and $118,000.
Most importantly, this timing coincides with a sharp decline in Bitcoin dominance, which fell from 64% to 60% between July 17th and July 21st.
The declining advantage metrics often show investors spinning from Bitcoin to altcoin. This trend is one of the earliest signs of the emerging altcoin season.
As Bitcoin stabilizes and capital flows into Ethereum, Solana, and mid-cap tokens, altcoins tend to outperform.
Bitcoin’s short-term outlook is currently leaning towards consolidation. If whales continue to be sold, further negative side pressure is possible.
However, current price support remains at around $115,000.
Meanwhile, the Altcoin market has gained strength. Ethereum, XRP and Solana have recorded double-digit profits over the past week. Meme Coin’s market capitalization alone has skyrocketed by 8%, approaching $90 billion.
The Altcoin Season Index also rose from 32 to 56, further supporting the market momentum change.
In summary, whale activities appear to be cooling the Bitcoin rally, but quietly encourage altcoin acquisitions. The next move will depend on whether the buyer will absorb the pressure of selling, or whether another wave of whale sales will occur.
Overall, this is Bitcoin’s cooling-off period and the beginning of altcoin’s momentum. Continue to check the whale flow and BTC.D for confirmation of the next stage.
Disclaimer
In compliance with Trust Project guidelines, Beincrypto is committed to reporting without bias and transparent. This news article is intended to provide accurate and timely information. However, we recommend that readers independently verify the facts and consult with experts before making decisions based on this content. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
