Whales continue to accumulate altcoins despite bearish views

After making a rally of over 100% of the bottom reached in March, some correction is expected in Bitcoin, Ethereum and the rest of the indoor market.

Many analysts point to several technical factors suggesting that the market has lost some of its bullish momentum.

These bearish views did not stop the big investors, who continued to accumulate.

According to data shared by Santiment, the largest holders of a number of cryptocurrencies – Ethereum , Maker , Basic Attention Token , Ren, Enjin and Kyber Network – have accumulated more of these cryptocurrencies in the last month.

“What have the number 1 holders of several different crypto assets been doing with their funds in the last few weeks? The short answer – ACCUMULATE. “

The data also suggest that whales continue to accumulate Bitcoin , which outlines the trend of crypto market.

As whales accumulate, analysts predict a decline in altcoins in general. 

Josh Olshevich, an analyst at Brave New Coin , said on May 15 that the Bitcoin dominance chart made a golden cross, which is a strong bullish indication.

He stressed that the 50-day moving average crossed over the 200-day chart of BTC dominance. He claims that those waiting for the ‘altcoin season’ can wait a while. 

Such formations of the Bitcoin dominance chart often precede large upward movements.