Significant Bitcoin transfers by large holders initiated a market consolidation phase, while alternative cryptocurrencies (altcoins) demonstrated notable strength, potentially heralding a shift in market dynamics.
Approximately 61,000 BTC was moved to exchanges in a concentrated wave of activity, representing the largest single-day inflow observed by capital holders in over a year. Within this event, a substantial portion of 32,300 BTC was transferred in a single hour.
This large-scale movement coincided with Bitcoin’s price retracting to a range between $117,000 and $118,000. Concurrently, Bitcoin’s market dominance index also declined, dropping from 64% to 60%.
Meanwhile, major altcoins experienced significant rallies. Assets like Ethereum (ETH), Solana (SOL), and XRP recorded double-digit percentage gains. The meme coin sector also saw robust growth, with its total market capitalization increasing by 8% in a single day.
Reflecting this trend, the Altcoin Season Index climbed to 32. This metric suggests the emerging market phase could see altcoins outperform Bitcoin.
The ongoing market direction likely hinges on sustained pressure from large holder sales and Bitcoin’s ability to maintain key support zones. Further declines in Bitcoin dominance could provide continued momentum for altcoin appreciation.