The post Whales Are Buying This Dip! Expert Says Stack Altcoins When Bitcoin Hits $60k appeared first on Coinpedia Fintech News
Bitcoin has lost the crucial $60k level and the market sentiment seems to have turned red. However, amid these tough and challenging times, Brian Q from Santiment appeared on the Thinking Crypto podcast and revealed the activity of Bitcoin whales during this time of market volatility. According to the data, Bitcoin whales—those holding large amounts of Bitcoin—have been accumulating more coins while the general sentiment is bearish.
Although this accumulation hasn’t been overly aggressive, the past three months show that wallets holding 10 or more Bitcoin have increased their holdings. For instance, wallets that held 16.15 million BTC on June 3 now hold 16.18 million BTC, adding an additional 34.2k Bitcoin during a period where prices have been quite volatile and trending downward.
While smaller addresses are selling, whales are taking advantage of the lower prices, which has historically worked well for them.
Altcoin Analysis:
When Bitcoin corrects, altcoins tend to follow, often experiencing even sharper declines. Over the past week, Bitcoin has slipped by around 1.5%, while Ethereum is down 2%. However, altcoins like Solana and Toncoin have taken a bigger hit, down 7% and 15% respectively.
This underperformance by altcoins is common when Bitcoin’s price is volatile, but it also presents buying opportunities. If Bitcoin can stabilize and return to levels closer to $60K, it could signal a good time to enter the altcoin market.
Long-Term Indicators:
Another key metric to follow is the Mean Dollar Invested Age, which tracks the average age of coins in wallets. When this number dips, it means older wallets are moving coins back into circulation, which usually happens during a bull run. This was evident during the major bull runs in late 2020 and again in late 2023.
If this metric starts to drop again, it would signal a healthy influx of new coins into the market, indicating potential upward momentum for Bitcoin. Watching for this dip could provide a strong buy signal for investors looking for a long-term perspective.