The 2022 bear market does not appear to have abated as sentiment does not appear to be in favor of the bulls. Despite a bullish start to 2023, tokens are still expected to drop significantly to reach the low point that may mark the bottom of the current bear market. Until then, it is feared that the markets will intensify the euphoric sentiments in which FOMO (fear of missing out) could reach highs.
A popular analytics firm, Santiment, has flagged the possibility of a downtrend in reference to intensifying euphoric sentiments and FOMO in the market.
According to the platform, social mentions for altcoins have intensified in terms of buy, buy lower and bullish. Historically, these are signs that the market is moving towards euphoric sentiments and FOMO is likely to haunt investors. This can further lead to a dramatic pullback where prices can bottom out very soon!
This may be why market participants, specifically whales, have been transferring millions of funds in the form of cryptocurrency. These whales have moved more than $670 million worth of Bitcoin, Ethereum, XRP, Polygon, and Curve, including $315 million in BTC alone.
The whale moved almost 25,000 BTC in 2 separate transactions of 9,251 and 15,477 BTC from one unknown wallet to another. Additionally, almost 32,236 ETH were moved from an unknown wallet to Coinbase, while XRP Polygon (MATIC) and Curve (CRV) also witnessed a transfer of 38.89 million XRP, 90.56 million MATIC, and 17 million of CRV.
While these indicators are flashing for a very fast approaching bearish reversal, many other signals are flashing as bullish signals on the longer time frame. As many analysts have predicted that the 2022 bear market could come to an end by the end of the first quarter of 2023, the second quarter may consolidate while the second half of 2023 may witness a decent recovery phase.
This post Whales move millions of cryptocurrencies: is the cryptocurrency market in danger?
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