'Whale' James Wynn: "Altcoin season delayed... Market disappointed by rising PPI"
Summary
- James Wynn forecasted a delay in the start of the altcoin season.
- He stated that the U.S. July Producer Price Index (PPI) exceeded market expectations, increasing investor disappointment.
- Following the index announcement, Bitcoin (BTC) retreated from $120,000 and is experiencing a short-term downtrend.
James Wynn, a major investor based on Hyperliquid, predicted that the start of the altcoin season could be delayed.
On the 14th, Wynn shared via X (formerly Twitter), "The altcoin season is being delayed," adding that it is "a very disappointing situation for investors."
He also attached a news article reporting that the U.S. July Producer Price Index (PPI) exceeded expectations. On this day, the announced U.S. July PPI rose by 0.90% from the previous month. Year-on-year, it increased by 3.3%, exceeding the market expectation of 2.5%.
Following the announcement of this leading indicator for consumer prices, which signals overheating in wholesale prices, Bitcoin (BTC) fell back from $120,000 and is showing a short-term downtrend.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.![[Exclusive] FSS to examine ZKsync coin that surged '1,000%' in three hours](https://media.bloomingbit.io/PROD/news/1da9856b-df8a-4ffc-83b8-587621c4af9f.webp?w=250)
