The End of Altcoin Season? Glassnode Warns of Losing Bullish Momentum
The crypto analytics firm Glassnode is sounding the alarm for altcoins, cautioning that they could lose all bullish momentum following the recent market correction. Co-founders Jan Happel and Yann Allemann, known as Negentropic on social media, are advising their 63,400 followers that the much-anticipated “altcoin season” may be coming to an abrupt end.
After experiencing deep pullbacks in the past week, the Glassnode duo believes that traders and investors will likely adopt a risk-off approach towards altcoins unless Bitcoin can recover a key psychological price point.
“Is This the End of Altcoin Season?
Bitcoin dominance is on the rise, while altcoins are losing critical supports. The surge in dominance signals a stronger BTC environment. If Bitcoin stabilizes above $100,000, we may see a resurgence in altcoins currently in accumulation zones. However, until then, Bitcoin is expected to lead the market, leaving altcoins lagging behind.”
The Bitcoin Dominance (BTC.D) chart reflects the proportion of the total crypto market cap held by Bitcoin. With BTC.D currently at 59%, a surging dominance indicates that altcoins are losing value at a faster rate than Bitcoin.
Regarding Bitcoin itself, Glassnode executives observe that long-term holders are selling off their holdings while other investor groups are stepping in to fill the void.
“The Board Keeps Shifting.
During this market dip, BTC continues to flow out of exchanges as long-term holders exit, and short-term holders enter the market. Whales are quietly accumulating, miners are neutral, and selling pressure has simply shifted hands. New investors are absorbing the sales.”
As of now, Bitcoin is priced at $97,246.
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