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Large investors buying ETH, ADA, LINK, MATIC, GMT, LRC, GALA drop as buy signal flashes on BTC indicator for first time in months

Cryptocurrencies saw a strong sell-off on Friday as global markets retreated after US Federal Reserve officials signaled their willingness to keep raising interest rates until inflation is contained. The latest reversal in sentiment has affected altcoins, which tend to be more volatile, especially since most have seen double-digit losses.

When it comes to short-term price action, big investors, or whales, seem to be picking up some discount coins amid the current market volatility. It should be noted that in every market cycle comes the accumulation phase, during which prices flatten out and contrarian investors see the opportunity to step in and get discounts.

Top 8 Assets Bought by ETH Whales Courtesy of WhaleStats

Data from WhaleStats that tracks major ETH and BSC wallets indicates that top investors have loaded Ethereum (ETH), Cardano (ADA), Chainlink (LINK), Polygon (MATIC), Loopring (LRC), STEPN (GMT) and Gala (GALA), as they are among the top ten bought by the largest BSC and ETH whales in the last 24 hours. Expectations ahead of major Ethereum and Cardano updates could have informed the recent whale buyout.

A buy signal flashes for the first time in months

According to crypto analyst Will Clemente, Bitcoin’s hash ribbons issued a buy signal for the first time since August 2021, marking the end of more than two months of miner capitulation and deep pressure on the market. the margins of the miners.

The analyst referred to the stress of miners in June before the market crash in mid-June: “Miner margins have compressed a bit lately with the following mix: hash rate up, difficulty up, and BTC price down.” The price of hash is at its lowest since late 2020. is starting to see some miners cut their BTC”.

Speaking on the Hash Ribbon buy signal, Charles Edward, a crypto analyst, wrote: “Bitcoin miners’ sellout officially ended today, making it the 3rd longest sellout in the world. story at 71 days. This capitulation zone was longer than in 2021 and just two days shorter than in 2018 when the price reached $3.1,000.

He added,“Historically, Bitcoin miner breakouts have captured significant lows and have been excellent buy signals. Minor capitulations that occur late in the cycle (at least 2 years after the halving) and after cycle highs have been the most profitable long-term signals (e.g. 2012, 2015, 2018)” .

Veteran trader Peter Brandt offers a mixed outlook on Bitcoin price, stating, “for all intents and purposes, the bullish wedge target in Bitcoin BTC has already been met.” This is not a reason in itself to be optimistic and it does not mean that BTC cannot fall further ”

If the target has already been reached as predicted by Brandt, traders could expect the price of Bitcoin, coupled with the signal from the Bitcoin hash tape. However, forecasting price movements in the market remains speculative given the current macroeconomic uncertainty.

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