‘Whales are preparing for the next altcoin rally’ — CryptoQuant founder
According to pseudonymous crypto trader Mags, the altcoin market broke out after 525 days of accumulation and will likely resume an uptrend.
CryptoQuant founder Ki Young Ju believes that crypto whales are positioning themselves in anticipation of the next altcoin rally as traders hotly debate when alt season will begin.
Ju’s analysis centered around the 1-Year Cumulative Buy/Sell Quote Volume Difference for Altcoins, a metric that measures the differential between buy and sell limit orders using a one-year timespan.
The analyst explained that whales prefer limit orders to avoid slippage, and the rising level of the metric suggests an increasin number of buy-limit orders among large crypto investors and institutions, which represent “strong buy walls” of future demand for altcoins.
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Author: Vince Quill
