Weekly recap: Whales fuel AAVE, LDO price rallies, Bitcoin short liquidations climb, BTC dominance declines


  • Whales increased their activity in AAVE and Lido Dao’s LDO, fueling massive price rallies in the altcoins. 
  • Bitcoin price climbed above $30,000, liquidating millions of dollars in short positions. 
  • BTC dominance declined, paving the way for the “alt season” narrative. 

Bitcoin and Ethereum prices climbed earlier this week, crossing psychological barriers and kicking off the “alt season,” according to experts. Bitcoin dominance experienced a pullback, while the asset rallied, liquidating short positions. 

Also read: Binance burns $676 million in BNB fueling a price rally while regulators join forces against the exchange

Whale activity fueled AAVE and LDO price rallies 

While a surge in large wallet investors' activity is associated with mass profit-taking, in the case of AAVE and LDO it triggered a price rally. The two altcoins yielded 4% and 6% gains for holders since Thursday respectively. 

Analysts at crypto intelligence tracker Santiment identified a spike in transaction volume by large wallet investors and notified traders of likely volatility in asset prices. In the case of ApeCoin, a surge in whale activity triggered a pullback, while for AAVE and LDO, it pushed price higher. 

Read more here: ApeCoin, AAVE and Lido Dao witness surge in whale activity, here’s what this means for price

Bitcoin price continued its uptrend, driving further liquidations of short positions

BTC price yielded gains for holders fueled by the shifting macroeconomic outlook and the bullish sentiment among crypto market participants. BTC’s run up to $30,000 sparked liquidations in short positions. 

Analysts at @52kskew noted 6,000 BTC in shorts were liquidated. 

Read more: Bitcoin price rally likely to continue with open-interest hitting five-month peak

Alt season narrative gains prominence with pullback in Bitcoin dominance

The “alt season” narrative is the rotation of capital from Bitcoin to altcoins. Experts were concerned regarding the alt season with Bitcoin’s rising dominance. However, the recent pullback in BTC dominance fueled a bullish sentiment among experts, making alt season narrative relevant yet again.

Find out more: Experts believe altcoins can get devalued with Bitcoin’s rising dominance


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