Altcoin Season Signals Appear as Assets Exit Binance Fast
The post Altcoin Season Signals Appear as Assets Exit Binance Fast appeared on BitcoinEthereumNews.com. Massive altcoin outflows from Binance could indicate investor accumulation and early signs of an upcoming altcoin season. On-chain analysts believe capitulation is ending, potentially setting the stage for a new altcoin season momentum shift. Anyone who has been following the crypto market for a while must know one term that always makes you nervous: altcoin season. But strangely, when the Altcoin Season Index is still showing a relatively low number, many altcoins are actually “running away” from Binance. This massive outflow is not without meaning. According to Alphractal CEO Joao Wedson, data from the Binance Netflow Heatmap actually shows a quite striking wave of silent accumulation. Source: CryptoQuant This heatmap basically tracks the movement of altcoins entering and leaving Binance. The red color indicates that more altcoins are leaving than entering. If this happens, investors may start withdrawing their assets from the exchange to store them in personal wallets. And you know what? The most withdrawn altcoins right now include ENJ, SLP, FET, AMP, ETH, CRV, to MKR and LINK. From here alone, it is clear that people are no longer selling, but are holding on tightly. As if they know something that the wider market does not yet know. One of the most prominent examples is Ethereum (ETH). Despite significant volatility in ETH in recent months, interest in the asset remains high. The large ETH withdrawals from Binance directly reduced the ETH reserves on the exchange. This could be an indication of strong confidence from investors in Ethereum’s long-term prospects, while opening up room for potential future value increases. Altcoin Season May Be Brewing Beneath the Surface If we check the data from the CoinMarketCap Altcoin Season Index, the score is still at 24 out of 100. What does that mean? We have not entered the altcoin season phase.…
The post Altcoin Season Signals Appear as Assets Exit Binance Fast appeared on BitcoinEthereumNews.com.
Massive altcoin outflows from Binance could indicate investor accumulation and early signs of an upcoming altcoin season. On-chain analysts believe capitulation is ending, potentially setting the stage for a new altcoin season momentum shift. Anyone who has been following the crypto market for a while must know one term that always makes you nervous: altcoin season. But strangely, when the Altcoin Season Index is still showing a relatively low number, many altcoins are actually “running away” from Binance. This massive outflow is not without meaning. According to Alphractal CEO Joao Wedson, data from the Binance Netflow Heatmap actually shows a quite striking wave of silent accumulation. Source: CryptoQuant This heatmap basically tracks the movement of altcoins entering and leaving Binance. The red color indicates that more altcoins are leaving than entering. If this happens, investors may start withdrawing their assets from the exchange to store them in personal wallets. And you know what? The most withdrawn altcoins right now include ENJ, SLP, FET, AMP, ETH, CRV, to MKR and LINK. From here alone, it is clear that people are no longer selling, but are holding on tightly. As if they know something that the wider market does not yet know. One of the most prominent examples is Ethereum (ETH). Despite significant volatility in ETH in recent months, interest in the asset remains high. The large ETH withdrawals from Binance directly reduced the ETH reserves on the exchange. This could be an indication of strong confidence from investors in Ethereum’s long-term prospects, while opening up room for potential future value increases. Altcoin Season May Be Brewing Beneath the Surface If we check the data from the CoinMarketCap Altcoin Season Index, the score is still at 24 out of 100. What does that mean? We have not entered the altcoin season phase.…
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