Crypto Whales Are Getting Ready for a Bull Market – Here’s What They’re Buying
According to Ki Yong Ju, CEO of CryptoQuant, crypto whales are positioning themselves for the next expansion of the altcoin market.
He claims that the whales are creating limit orders for altcoins on centralized exchanges (CEX) to avoid slippage and secure the best prices. Unlike market orders, limit orders buy an asset at a predetermined price and only execute once that price is reached.
Whales are preparing for the next altcoin rally.
Limit buy order volume for altcoins, excluding #Bitcoin and #Ethereum , is increasing, indicating that strong buy walls are being set up. pic.twitter.com/aOe3TxwVWE
— Ki Young Ju (@ki_young_ju) July 31, 2024
Ju also stressed that monitoring the volume of limit order quotes could show growing “buy walls,” signaling preparations for an altcoin rally.
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Crypto Market on Edge: Warning Signs of an Imminent CollapseHe noted that time will be limited for those looking for discounts in altcoins once Bitcoin ( BTC ) breaks its all-time high (ATH):
Buy walls are forming in altcoins for both stablecoin and Bitcoin pairs, but volumes are still low. If altcoin season means a sharp increase in volumes, it hasn’t arrived yet. Now is the time to explore promising altcoins for the next bull market – timing may be short once Bitcoin reaches a new ATH.
Zhu compared Bitcoin’s current state to mid-2020, when it was trading in a range without retail-induced excitement. He advises patience as bullish periods are often short, powerful and sudden.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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