Bitcoin Whales Dump Over 40,000 BTC, Altcoins Records Mixed Patterns
Crypto whales dumped vast amounts of Bitcoin (BTC) after plunging deep into panic mode. Bitcoins price slipped below $80K for the first time in months, heightening selloffs. At press time, BTCs market cap stands at $1.7 trillion, with altcoins gaining ground. Despite declining BTC dominance, altcoins have also faced a bumpy trend in the same period.
Whales Are Repositioning Assets
On-chain data shows whales dumped over 40,000 BTC as the crypto dip bit harder. This comes on the back of negative sentiments as traders seek to mitigate losses. These movements have lowered the chances of a quick rebound although bulls offer other metrics for a recovery. Traditionally, asset repositioning extends the bear phase, usually salvaged by an influx of institutional investors.
Several experts have projected a recovery by April citing on-chain and macro factors. In a Feb 28 report, Matrixport predicted the bear sentiment can extend between March and April before institutional investors pour funds into the market.
Looking ahead, the forward-looking nature of this time series suggests that once this correction runs its course potentially last until March or April. Bitcoin could attempt to rally back toward previous highs. Analyzing macroeconomic trends and central bank policies gives us a clear edge in forecasting Bitcoins price trajectory. This type of analysis is only becoming more crucial
Last year institutional funds pushed Bitcoin to multiple all-time highs, consolidating on gains recorded after the approval of spot ETFs. These products have attracted over $39 billion in inflows since January 2024. Traditional finance players increased their asset exposure after many years of skepticism. Overall, these players are projected to reclaim dominance, pushing the asset to a cycle peak. At the time of writing, BTC exchanged hands for $84,501.
Investors Set Gaze on Altcoins
While traders offloaded BTC from their holdings, some redirected assets to altcoins to capitalize on the deep. According to Ali Martinez, Solana (SOL) is experiencing major macro shifts after several whales bought the dip. In the last 72 hours, traders also purchased 170 million ADA. ETH bulls also joined the party after the price fell below $2,200.
Top meme coins like Dogecoin and Shiba Inu also traded similarly amid investor interest. Most altcoin enthusiasts target spot ETF approval to ignite price leaps. This is expected to usher in the much-anticipated altcoin season.
Read more: https://zycrypto.com/bitcoin-whales-dump-over-40000-btc-altcoins-records-mixed-patterns/
Text source: ZyCrypto
