• CryptoQuant recorded the first signs of bitcoin accumulation by large investors.
• At the same time, altcoin selling pressure reached its highest level in the past five years.
• Santiment warned that a sharp shift of the market toward optimism could complicate further growth.

CryptoQuant analysts reported the appearance of the first signals of bitcoin accumulation by large players. At the same time, the altcoin segment continues to be under the strongest seller pressure since 2020, while Santiment believes that excessive optimism among market participants could become a restraining factor for a further rally.

Whales began accumulating bitcoin

According to CryptoQuant, the Spot Average Order Size metric, which reflects the average order size on the spot market, shows stable activity of large and medium whales even during the correction.

The analysts noted that the first signs of large buyers becoming active have already appeared on the chart.

"We are already observing the first signs of large whale activity. This indicates the start of accumulation by large capital, which reduces the current seller pressure on bitcoin," CryptoQuant stated.

At the same time, the experts emphasized that the first cryptocurrency is now testing an important support zone, so to confirm a new trend further observation of the market is needed.

Altcoins remain under record pressure

Despite the positive signals for bitcoin, the situation in the altcoin segment remains difficult.

According to CryptoQuant, the cumulative difference between the volumes of buying and selling altcoins (excluding bitcoin and Ethereum) dropped to the lowest level since observations began in 2020.

The analysts emphasized that this is not a short-term correction but the result of 15 months of continuous net altcoin selling on spot exchanges.

At the beginning of 2025 the indicator almost returned to a neutral level, but then the trend changed sharply, after which seller pressure only intensified.

Optimism may play against the market

At the same time, Santiment drew attention to a sharp change in sentiment among crypto investors.

Whereas at the beginning of June most market participants expected a further fall in prices, now forecasts of continued growth predominate. In the analysts' opinion, this was facilitated by the easing of geopolitical tension, the first FOMC meeting with the participation of the new head of the Federal Reserve System Kevin Warsh, and the positive dynamics of the crypto market in recent days.

However, Santiment recalled that mass optimism is often a counter-trend signal.

"It is usually easier for the market to grow when skepticism still persists among investors. But when the majority openly expects the rally to continue, a significant part of this optimism is already factored into market positioning," the analysts noted.

The company emphasized that this does not mean the end of the upward trend, but further growth may be more difficult until market expectations become more restrained.

Recall that earlier CryptoQuant analyzed indicators of a potential cycle bottom.

Source: Incrypted