Bitcoin Whale Transfers Surge as Altcoins Gain Amid Price Correction
Citing NewsBTC, the Bitcoin market recently hit an all-time high of $123,091 on July 14, but has since seen a slight price retracement. This coincides with a rise in whale transfers to exchanges, as reported by blockchain analytics firm Glassnode. The 7-day simple moving average of BTC transferred from whale wallets is nearing 12,000 BTC, a level last seen in November 2024. This trend suggests potential capital rotation into altcoins, which have shown significant gains. Ethereum, XRP, and Solana have surged by 19.98%, 25.98%, and 8.86% respectively, hinting at a possible altseason. However, the altseason index remains at 36/100, indicating Bitcoin still outperforms most altcoins over 90 days. Investors are advised to watch for an index above 75 for a confirmed altseason.