Crypto analyst DonAlt, famous for his accurate Bitcoin predictions, is drastically shrinking his portfolio after the recent recession.
DonAlt starts closing Bitcoin and altcoin positions abruptly
The crypto analyst pointed to low market-wide volatility in a new report. He reported that this was suppressive in terms of price, so he drastically reduced his portfolio. In his latest Youtube video, DonAlt interprets the recent drop in BTC price as an ‘exit signal’.
BTC price saw a sharp correction from $28,500 to around $27,000 during the week. The crypto analyst says this move does not give any reason for BTC to be bullish.
In the BTC part of the video, “I have slightly reduced my risks across the market. This basically means I took a slight loss for Bitcoin, a big gain for Litecoin, and a pretty big gain for XRP. I’m still a little inside. But based on just one fact, I have significantly reduced the risk. The room is that I no longer have a good technical reason to be in Bitcoin”
Accurate analyst says rally is now over
DonAlt’s decision to withdraw came despite its positions in Litecoin (LTC) and XRP being in profit. The crypto analyst sees the weakening of Bitcoin as a bearish sign that will spread to the altcoin market. He also noted that recent gains have been short-lived. Now he prefers to sit on the sidelines rather than take risks:
As I said at the beginning of the show, I have an advantage in altcoins, it makes me nervous every time. When I’m technically wrong on Bitcoin, but I still monetize altcoins, which scares me because usually altcoins seem to do well or better at the end of a rally.
He also highlights that while the stock market is showing significant strength, Bitcoin has mostly been trading sideways over the past few weeks. Let’s be real: S&P did wonders last week. We had a lot of power and it didn’t just flow into Bitcoin. All of this left me indifferent.
DonAlt says he would rather stay on the sidelines than give back all of his recent altcoin gains.
Reports show that investors have abstained
Recent data from Glassnode Alert revealed an alarming trend in Ethereum cohorts holding more than 10,000 ETH. The chart on Glassnode has shown a gradual decline since April, revealing a sharper drop in May.
As of this writing, there were only 1,139 holders holding over 10,000 ETH. This marks a two-year low for this metric. To provide context, the number was approximately 1,213 in February.
cryptocoin.com As we reported, the focus of attention of whales was on AI coins such as AGIX and GRT at this time. On the other hand, Ethereum’s supply on exchanges has also been falling in recent months. This has increased the enigma surrounding ETH assets. This drop is notable, especially considering the Shappella upgrade and ETH staking activation.
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