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Following the transfer of $60 million worth of bitcoins on April 19, after more than nine years of dormancy, another whale has made its move. The whale, who acquired 1,129 bitcoins in 2012 and 2013, has transferred 464 bitcoins worth $13 million for the first time in nine years.

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A long-dormant bitcoin whale transferred 279 bitcoins, currently worth $7.8 million, to three new addresses after being inactive for a decade. The wallet received 1,128 bitcoins in 2012 and 2013 when the price of Bitcoin was approximately $12 and $195 per coin, respectively. This follows another transfer by a different long-dormant whale who transferred 2,071.5 BTC worth $60.7 million after nine years of inactivity. The transfers have sparked speculation among on-chain analysts and cryptocurrency enthusiasts regarding the identity and motives of the whales, as well as the potential impact on the cryptocurrency market.

Bitcoin's dominance rate has plateaued, suggesting that alternative tokens (altcoins) may outperform it in the near future. After rising from 42% to 48% in Q1, the metric has struggled to surpass that level this month, oscillating between 38% and 48% for almost two years. Historically, declines in the dominance rate from 46%-48% have coincided with outsized gains in altcoins. Markus Thielen, head of research and strategy at Matrixport, believes that altcoins could outperform Bitcoin if its dominance rate peaks out. The total market cap of altcoins rose by more than 60% to $1.39 trillion in two months after the BTC dominance rate turned lower from 48% in July 2021. Thielen suggests that for Bitcoin to continue outperforming the rest of the ecosystem would imply that only Bitcoin matters, which is unlikely given the intellectual and financial firepower being deployed on other chains.

In the past two weeks, exchanges have seen roughly 20,000 Bitcoin (BTC) put back onto exchanges. Bitcoin hit a local top of $30,000, and has descended below $28,000, which has seen a lot of sell pressure on top of the biggest long liquidation event of this year. Currently, 2,313,385 million BTC sits on exchanges. However, this is up considerably in the past fourteen days, from 2,295,764.

On-chain analytics firm Santiment has warned that the current market sentiment in cryptocurrencies, driven by fear of missing out (FOMO), could be dangerous. The firm noted divergences that have led to a temporary pause in the growth of Ethereum, suggesting that the market’s appetite for risk has been relatively low. Santiment also highlighted whales' behavior of reducing their Bitcoin positions, although the situation began to change after the recently concluded Shanghai fork and Ether’s move above $2,000. The firm cautioned that traders should be on the lookout for indicators such as a significant increase in retail accumulations, a decrease in stablecoin holdings, and a spike in general network activity to discern a market top.

Bitcoin's price has dropped below $28,000 for the first time since April 9, and the altcoins are also deep in the red. The total market cap has lost almost $90 billion in the past two days. Bitcoin was trading sideways during the weekend, but it slumped by a grand in minutes on Tuesday, resulting in breaking below $28,000. Despite recovering a few hundred dollars since then, BTC still struggles to maintain $28,000, and it is roughly 3% down on the day and over 8% on a weekly scale. Most alternative coins have also lost value, with Ethereum losing over $200 and struggling to remain above $1,900. The total crypto market cap has dumped beneath $1.2 trillion, losing roughly $90 billion in the past two days.

Bitcoin (BTC) hit new intraday lows on April 21, struggling to preserve $28,000 as support on Bitstamp. The cryptocurrency looked “weak,” with analysts warning that $25,000 might come next. The return to $25,000 was described as “absolutely fine” and still an example of “a little bit of a deeper pullback” rather than a significant trend change. The return to $28,000 completely sealed a gap in CME Group's Bitcoin futures, created in April during Bitcoin's run to local highs above $31,000. A return to fill the gap near $20,000 was also predicted.

TrueUSD, a little-known stablecoin, has become the largest Bitcoin trading pair, according to data from the crypto research platform Kaiko. This is due to a major shift spurred by Binance, which scrapped its zero-fee Bitcoin trading promotions, except for Bitcoin-TrueUSD, last month. This provided a significant boost in demand for the TrueUSD stablecoin, which saw its share in Bitcoin trading volumes on Binance jump to 50%. TrueUSD's market value has also jumped 3x to $2 billion, making it the fifth-largest stablecoin in the market. Despite TrueUSD's parabolic rise, Tether's USDT stablecoin still contributes the largest liquidity for the Bitcoin trading pairs. The BTC-USDT trading pair accounts for 80% of total trading volumes across centralized crypto exchanges, while TrueUSD is at 9% and is likely to take the second spot in the coming months.