Martinez disclosed in a tweet that according to the chart of the on-chain data agency, whales have sold more than 50,000 bitcoins in the past 10 days, with a total value of up to $3.3 billion. At the same time, Bitcoin miners have also joined the sell-off, selling more than 1,200 bitcoins worth nearly $80 million.
The selling behavior of these two major market participants, which sold more than $4 billion worth of Bitcoin in total, has brought a huge impact on the market. Affected by this selling spree, the price of Bitcoin has plummeted by nearly 9% in the past week, from a high of $71,655 to $65,228 on Friday. This drop has not only caused heavy losses to many investors, but also plunged the entire cryptocurrency market into panic, and is currently hovering around $64,567.
The cryptocurrency market is experiencing major turbulence as altcoins face a sharp decline while Bitcoin remains relatively stable. While Bitcoin is trading below $66,000, altcoins have suffered significant losses, erasing the gains from the March rally. Market sentiment remains bearish and calls for an impending altcoin season are fading.
Altcoins reached their all-time peak 546 days after the halving, suggesting a buying opportunity could be imminent ahead of a potential parabolic rally. However, the overall altcoin seasonality index has fallen from 80 to 31 over the past six months, reflecting bearish sentiment.
Despite these challenges, some experts expect a market reversal due to the imminent launch of an Ethereum ETF. Currently, Bitcoin remains within a range-bound channel, while altcoins continue to fall. For altcoin season to truly begin, Bitcoin dominance must see a significant downward trend, allowing altcoins to outperform.
If you want to know more about the relevant knowledge of the cryptocurrency circle and the latest cutting-edge information, please click on the avatar to follow me. I have been professionally investing and researching for twelve years. I am your 24-hour wealth appreciation expert, providing free guidance. Homepage Introduction
Three coins worth paying attention to are about to explode a hundredfold!
1.PEOPLE
Although the PEOPLE token is closely linked to the US Constitution auction plan, the failure of the plan has not affected its market position. With the popularity of decentralized autonomous organizations and the increase in community-driven projects, the value of the PEOPLE token is expected to increase further. The recent slight decline has not affected its overall trend. It is expected that the PEOPLE token will continue to attract market attention during the US election.
2.Cardano（ADA）
Cardano, known as the "Ethereum killer", has been accumulating momentum on the smart contract platform. Although the price of ADA has fallen by 30% so far this year, the upcoming hard fork and the start of the Voltaire era have brought new hope to investors. The Voltaire era will give users voting rights, participate in governance, and introduce a treasury to fund development proposals. This series of upgrades makes people look forward to the future of ADA.
3.WLD
WLD coin, also known as World Digital Currency, is a cryptocurrency based on blockchain technology. It is not only a virtual currency, but also a digital asset with wide application potential around the world. The goal of WLD coin is to build a more fair, transparent and sustainable global economic system, providing a safe, fast and low-cost payment solution for global users.
In addition, WLD coin is combined with core products such as World ID and World App to form a complete ecosystem. Among them, World ID is a privacy-protected digital identity network based on personality proof, which provides users with a verified digital identity and enhances the security and credibility of transactions. World App is an innovative encrypted wallet application that provides users with convenient digital asset management functions, making the use of WLD coin simpler and more intuitive.
