'Whale' James Wynn: "Bitcoin falling due to market makers' selling... Alt season transition"
Summary
- James Wynn diagnosed that the recent drop in Bitcoin's price is due to selling by market makers.
- He noted that the market is transitioning from Bitcoin to altcoins, and that whale investors are buying altcoins during the downturn.
- Wynn highlighted that while Bitcoin dominance is currently declining, unlike in the past, altcoins are not dropping in tandem.
Hyperliquid-based 'whale' investor James Wynn argued that the market's focus is shifting from Bitcoin (BTC) to altcoins.
On the 25th, Wynn stated via X (formerly Twitter), "The recent decline in Bitcoin's price is due to market makers' selling, which may indicate a transition period from the Bitcoin season to the altcoin season."
He added, "Right now, with market makers selling Bitcoin, long leverage traders and retail investors have entered a state of panic. Even at this moment, some retail investors are selling altcoins in response to the decline in Bitcoin's price, but whales are buying up these coins."
He continued, "Currently, Bitcoin dominance (the proportion of Bitcoin's market cap in the total crypto market cap) is falling together with Bitcoin's price. In the past, altcoins would have dropped sharply as well, but this time it's different. The game is on."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.!["Will AI take our jobs?" Fear spreads…market rattled by a plunge in shares [New York Market Briefing]](https://media.bloomingbit.io/PROD/news/874408f1-9479-48bb-a255-59db87b321bd.webp?w=250)
