Over the past week, the Bitcoin (BTC) market recorded a new all-time high at $123,091 on July 14. However, the premier cryptocurrency has experienced a slight price retracement since reaching this milestone. Interestingly, this fall in Bitcoin market prices has collided with a widespread gain in the altcoin market, with specific large-cap tokens notching up remarkable gains.
In an X post of July 18, prominent blockchain analytics firm Glassnode shares a profound on-chain insight on the Bitcoin market, stating that the volume of whale transfers to exchanges is presently on the rise. Notably, this development comes as Bitcoin experiences a moderate price correction after reaching a new ATH earlier last week, as previously stated.
Glassnode explains that the 7-day simple moving average (SMA) of BTC transferred from whale wallets to exchanges is approaching 12,000 BTC, one of the highest weekly volumes recorded in 2025. Interestingly, this surge in transfer mirrors levels last seen in early November 2024, a period that preceded a popular crypto bull run.
When large holders move their BTC to centralized exchanges, it typically suggests they are preparing to liquidate some or all of their positions, either to take profits or to rotate capital into other opportunities. However, the latter scenario seems likely, especially considering recent trends in the altcoin market.
Amidst Bitcoin’s price correction, several altcoins have recorded significant price gains, prompting ideas that the altseason may have begun. For context, data from CoinMarketCap shows that the premier cryptocurrency experienced a mere 0.27% gain over the past week, while altcoins such as Ethereum, XRP, and Solana registered price surges of 19.98%, 25.98%, and 8.86%, respectively.
Historically, this development mirrors a characteristic altseason, when other cryptocurrencies generally outperform Bitcoin, leading to a decline in Bitcoin’s market dominance. Altseasons are triggered when investors begin reallocating profits from BTC into higher-beta assets, seeking larger returns due to the lower market caps of these tokens.
However, more data from CoinMarketCap shows the altseason index is at 36/100, indicating that while altcoins are beginning to gain momentum, the market has not yet fully transitioned into a confirmed altseason. An index value below 50 suggests that Bitcoin is still outperforming a majority of altcoins over 90 days. Investors should stay alert for a cross above 75 which would suggest a full-fledged altseason to be declared.
At the time of writing, Bitcoin trades at $118,377 following a 0.49% decline in the past day.
