BTC season to ALTS season: Mr.100 sends 360 BTC to CEXs (2024.03.08)

[MrSpasybo]

I - Onchain data from 52Hz Onchain (in Vietnamese)
I translated the 52Hz Onchain's post from Vietnamese to English, with refinements and explanations of crypto market slangs. I will present text + images so we can view, quote and discuss more easily. I think this is better than sending a simple link.

Mr.100, aka Upbit Making, transferred 360 BTC to Binance and OKX.

In theory, their transfer of BTC to the exchange is bearish: maybe this whale wants to sell BTC because BTC is already at a fairly high price zone.

But we also have the opposite possibility: 360 BTC = $24M transferred to the exchange can be swapped to ALTS?

Upbit Making is holding many ALTS lowcaps with a very large % of the total circulating supply. Upbit Making even controls the total circulating supply of certain tokens.

Crypto market is in a thick liquidation phase: we are having many Bid and Ask orders. It is feasible to transfer BTC to the exchange and swap to ALTS in Upbit Making's portfolio.

>> It is possible that 360 BTC transferred to the exchange is bullish because this is a good time to swap to ALTS in Upbit Making's portfolio to inflate their prices.

II - Technical analysis (Weekly chart)

For example, consider an ALTS in Upbit Making's portfolio, STORJ: RSX is increasing again, and at the same time, MACD starts to have the first green histogram bar after the adjustment period. This could be the start of a strong pump in the near future.

[>] Upbit Making stops accumulating BTC: Altseason about to start?
Update on 2024.03.16

Upbit is back to accumulating BTC, the budget could come from the profits from the ALTS that have been pumped recently.

Currently, Upbit is holding more than 51K BTC. Recent movements show that whales are still focused on the goal of acquiring as much BTC as possible in the market.

[Trongduy]

Crypto market is in a thick liquidation phase: we are having many Bid and Ask orders. It is feasible to transfer BTC to the exchange and swap to ALTS in Upbit Making's portfolio.

>> It is possible that 360 BTC transferred to the exchange is bullish because this is a good time to swap to ALTS in Upbit Making's portfolio to inflate their prices.

I think now is not the time for whales to take profits to lower the BTC price and buy back, but to stop pumping BTC and switch to pumping altcoins that they have collected over the past 2 years. The profits from pumping altcoins are much larger than pumping BTC, for example, FET and AGIX have created new ATHs, SOL has not yet had a new ATH but is still 15 times higher than the bottom price. Even though BTC has a new ATH, it is only x4.5 compared to the 15K price range.

Now is the time to prepare for a huge altcoins season, I think we should focus on Upbit's token portfolio and good projects such as Layer-2 with AI.

[LogitechMouse]

In theory, their transfer of BTC to the exchange is bearish: maybe this whale wants to sell BTC because BTC is already at a fairly high price zone.

But we also have the opposite possibility: 360 BTC = $24M transferred to the exchange can be swapped to ALTS?

Upbit Making is holding many ALTS lowcaps with a very large % of the total circulating supply. Upbit Making even controls the total circulating supply of certain tokens.

A theory will always be a theory until it becomes a reality.
Well, I don't see any reason as to why the whale transferred that 360 BTC to another exchange other than selling it. Maybe not now, but I expect that the whale will do DCA in selling during the bull run phase, or the whale might just sell those Bitcoins at once.

360 swapped to altcoins? It's also possible knowing that you said it already that he's holding a large amount of low market cap coins. There's a chance that he might use those coins to manipulate the prices of certain low market-cap coins. Well, whatever the reason is, the only thing that we can do is just watch what the whale is doing, because there's nothing we can do about it, but track it only. I remembered that altcoins are lagging during the bull phase. I mean Bitcoin will go up first then it will take a few weeks to months until most altcoins will follow Bitcoin's movement. Correct me if I'm wrong with this one.

[Mr. Magkaisa]

       -    For my personal assessment, the altcoin season can start when the Eth spot etf is approved on May 23, 2024. And when it happens, I am pretty sure that many of the top cryptos in the market will rally, especially the low-caps, which will also suddenly rally in the market for sure.

Right now, what we are experiencing is like preparation for the upcoming ETH spot. And if it is not approved, it is likely that only a few of the top altcoins will be able to join Bitcoin's rally. That means there are some altcoins that will also rally, and we just don't know which of the altcoins will really rally depending on the choice we make.

[Sim_card]

       -    For my personal assessment, the altcoin season can start when the Eth spot etf is approved on May 23, 2024. And when it happens, I am pretty sure that many of the top cryptos in the market will rally, especially the low-caps, which will also suddenly rally in the market for sure.

Right now, what we are experiencing is like preparation for the upcoming ETH spot. And if it is not approved, it is likely that only a few of the top altcoins will be able to join Bitcoin's rally. That means there are some altcoins that will also rally, and we just don't know which of the altcoins will really rally depending on the choice we make.

The so said ETF that will be approved is Etherum, and not all altcoins, which makes it impossible for all of them to rally up. Etherum price will only go higher, and I don't think that Etherum price movement controls those altcoins. It is bitcoin price movement that controls other coins, and that is why there is possibility that those altcoins will also rally high as bitcoin is pumping up. There will be some good altcoins that will be very profitable during the bull run when it is at its peak.

[KryptoBull]

A theory will always be a theory until it becomes a reality.
Well, I don't see any reason as to why the whale transferred that 360 BTC to another exchange other than selling it. Maybe not now, but I expect that the whale will do DCA in selling during the bull run phase, or the whale might just sell those Bitcoins at once.

360 swapped to altcoins? It's also possible knowing that you said it already that he's holding a large amount of low market cap coins. There's a chance that he might use those coins to manipulate the prices of certain low market-cap coins. Well, whatever the reason is, the only thing that we can do is just watch what the whale is doing, because there's nothing we can do about it, but track it only. I remembered that altcoins are lagging during the bull phase. I mean Bitcoin will go up first then it will take a few weeks to months until most altcoins will follow Bitcoin's movement. Correct me if I'm wrong with this one.

Hmm, I know this is just theory, but I support the possibility that whales are stopping accumulating BTC as shown in recent onchain data, and at the same time using a part of the BTC they have to pump altcoins, to create an increase in the price of the altcoins they are holding. Their purpose may be to sell altcoins at high prices, then continue to accumulate BTC for the next pump.

I don't think that during an entire season whales only pump BTC or a few altcoins. They will collect BTC & the first altcoins group > pump BTC > pump altcoins group > take profit from altcoins, collect BTC and other altcoins groups > continuously repeat to gain huge profits.

[IvugeoEvolutionCoin]

The so said ETF that will be approved is Etherum, and not all altcoins, which makes it impossible for all of them to rally up. Etherum price will only go higher, and I don't think that Etherum price movement controls those altcoins. It is bitcoin price movement that controls other coins, and that is why there is possibility that those altcoins will also rally high as bitcoin is pumping up. There will be some good altcoins that will be very profitable during the bull run when it is at its peak.

Yes, as you said, the price increase influenced by the ETF will follow the coin it supports. Just as Ethereum enters the ETF, the only price that will increase is Ethereum, while the others will not have a price increase like Ethereum.

[TomPluz]

The so said ETF that will be approved is Etherum, and not all altcoins, which makes it impossible for all of them to rally up. Etherum price will only go higher, and I don't think that Etherum price movement controls those altcoins. It is bitcoin price movement that controls other coins, and that is why there is possibility that those altcoins will also rally high as bitcoin is pumping up. There will be some good altcoins that will be very profitable during the bull run when it is at its peak.

Yes, as you said, the price increase influenced by the ETF will follow the coin it supports. Just as Ethereum enters the ETF, the only price that will increase is Ethereum, while the others will not have a price increase like Ethereum.

That is possible to happen but then again remember that when ETFs for Bitcoin were approved, many altcoins most especially ETH are also benefitted. Though the coming ETF approval for ETH may not be the main signal for the big alt season wave, there is that strong possibility of more popular altcoins to also pick up the energy. I am looking forward for alts to join the strong bullish season so that we can say that the whole crypto industry has finally taking off to the moon. We are actually entering a very exciting era for crypto...and hopefully there can be more millionaires that can be produced this time around as in the past.

[Mr. Magkaisa]

A theory will always be a theory until it becomes a reality.
Well, I don't see any reason as to why the whale transferred that 360 BTC to another exchange other than selling it. Maybe not now, but I expect that the whale will do DCA in selling during the bull run phase, or the whale might just sell those Bitcoins at once.

360 swapped to altcoins? It's also possible knowing that you said it already that he's holding a large amount of low market cap coins. There's a chance that he might use those coins to manipulate the prices of certain low market-cap coins. Well, whatever the reason is, the only thing that we can do is just watch what the whale is doing, because there's nothing we can do about it, but track it only. I remembered that altcoins are lagging during the bull phase. I mean Bitcoin will go up first then it will take a few weeks to months until most altcoins will follow Bitcoin's movement. Correct me if I'm wrong with this one.

Hmm, I know this is just theory, but I support the possibility that whales are stopping accumulating BTC as shown in recent onchain data, and at the same time using a part of the BTC they have to pump altcoins, to create an increase in the price of the altcoins they are holding. Their purpose may be to sell altcoins at high prices, then continue to accumulate BTC for the next pump.

I don't think that during an entire season whales only pump BTC or a few altcoins. They will collect BTC & the first altcoins group > pump BTC > pump altcoins group > take profit from altcoins, collect BTC and other altcoins groups > continuously repeat to gain huge profits.

           -   As far as I know, one of the applicants for the bitcoin spot etf is also one of the supporters of the Ethereum spot etf on May 23, 2024. That means there is a chance that this spot will also be approved for ETH. chance

And when this happens, most of the altcoins that will be attracted are those in the top market, and, of course, in this industry as well. Most altcoins still cannot keep up, but those with large market caps to low caps that are still in the market can keep up with the rally by chance.

[yhiaali3]

Yes, as you mentioned in a previous post, I think it is appropriate for us to focus on the Upbit's token wallet because it is time to start a huge season of altcoins. I mean, the time for collecting Bitcoin has ended and we must prepare for the start of the altcoin season.

Usually, the altcoin season comes directly after the Bitcoin season, when Bitcoin’s momentum begins to decline slightly, and this is the appropriate opportunity for Altcoin to move. Monitoring the wallets of large whales and the amount of Altcoin they collect is one of the most important indicators that help in making the appropriate decision to buy.

[Gladitorcomeback]

It's just a theory based on speculations and no reality, a whale can also take profit when they sees Bitcoin going as high as $73k per unit which is the highest it has ever gone to so far, and we never know the future, it can drop from this point, so it isn't unwise to sell some of the holdings and prepare for a possible correction that might occur anytime soon.

A whale will have more holdings in case the price goes up more from here, but they might be preparing for a dip, and they might sell Bitcoins and buy certain altcoins that are still low in price and didn't take off.

[MrSpasybo]

It's just a theory based on speculations and no reality, a whale can also take profit when they sees Bitcoin going as high as $73k per unit which is the highest it has ever gone to so far, and we never know the future, it can drop from this point, so it isn't unwise to sell some of the holdings and prepare for a possible correction that might occur anytime soon.

A whale will have more holdings in case the price goes up more from here, but they might be preparing for a dip, and they might sell Bitcoins and buy certain altcoins that are still low in price and didn't take off.

Yeah, we can only track what the whales have done and then make predictions and judgments, we don't know for sure their market manipulation plan, and I believe it is quite complicated.

Currently, we are seeing a slight adjustment of BTC, and coincidentally: this is also the time when Upbit continues to accumulate more BTC using the profits from ALTS.

Update on 2024.03.16

Upbit is back to accumulating BTC, the budget could come from the profits from the ALTS that have been pumped recently.

Currently, Upbit is holding more than 51K BTC. Recent movements show that whales are still focused on the goal of acquiring as much BTC as possible in the market.