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While traders passionately discuss the start of alt season, CryptoQuant creator Ki Young Ju thinks crypto whales are preparing for the next cryptocurrency boom.
CryptoQuant founder Ki Young Ju has observed a trend of large buy orders being placed on altcoins by whales and institutions, suggesting an anticipation of a significant altcoin rally.
Whales Gearing Up for Altcoin Boom
As traders eagerly speculate on the commencement of alt season, CryptoQuant creator Ki Young Ju believes crypto whales are preparing for the next bull market in digital assets.
The 1-Year Cumulative Buy/Sell Quote Volume Difference for Altcoins was at the center of Ju’s analysis. The metric calculates the difference between buy-limit and sell-limit orders over a one-year period, Cointelegraph reports.
Heavy Buy Walls Indicating Future Demand
According to the analyst, large crypto investors and institutions are notably ramping up their buy-limit orders, posing a threat to slippage. This suggests "strong buy walls" of potential future demand for altcoins.
The CryproQuant founder claims that several altcoins will be seeing the biggest build-up in future buy orders. These include Solana, Polygon, Cardano, Cosmos, PancakeSwap, My Neighbor Alice, Ampera, Ankr Protocol and Chilliz token.
On the other hand, lending protocol Aave (AAVE), Compound Finance (COMP), Bancor Network (BNT), the Binance token, Chainlink (LINK) and XRP are all seeing a lack of future buy orders.
Top 200 Index Predicting Market Bottom
An altcoin market analysis shared recently by crypto analyst Jamie Coutts appears to be playing out. The analyst believes a market bottom has been reached and cryptocurrencies are set to rally, based on the Top 200 Equal Weight Index.
The Top 200 Equal Weight Index tracks the price performance of each coin by comparing the price of Bitcoin to the top 200 altcoins in terms of market capitalization.
Acclaimed cryptocurrency trader "Mags" recently stated that a re-accumulation is happening in the altcoin market.
The trader noted that cryptocurrencies were only up an average of 58% after coming out of a lengthy accumulation period, suggesting a minor correction before digital assets post further gains.
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