James Wynn’s $100-million Bitcoin liquidation shocked the crypto world. The way he used leverage is astounding, though his later losses also exposed associated market risks.

This crypto trader just lost $100M, but he’s still not done

Crypto analyst Daan Crypto has provided an analysis of the rising Bitcoin 
dominance, explaining why this will likely continue to surge. Based on his 
analysis, the altcoin season is unlikely to come anytime soon, with many alts 
suffering significant selling pressure while BTC accumulation increases. 
Bitcoin Dominance Surge Dashes Hopes Of Altcoin Season In an X post, Daan 
Crypto stated that the Bitcoin Dominance shows no signs of stopping following 
the latest surge above 64%. He indicated that the dominance will only continue 
to rise as more treasury companies try to accumulate Bitcoin. Meanwhile, on 
the other hand, hopes of an altcoin season fade away as many altcoins are 
plagued with big unlocks and downtrending momentum. Related Reading: 
Positioning For Altcoin Season: Analyst Reveals When To Buy As Bitcoin 
Dominance Rises Daan Crypto also alluded to how there was a short squeeze last 
month on Ethereum, which took a lot of coins with it. However, this momentum 
quickly faded afterwards, again dashing hopes of an altcoin season. The 
analyst explained that there wasn’t sufficient spot bid to bid most of these 
coins up further. Meanwhile, he cautioned market participants to pick their 
altcoin investments wisely. Daan Crypto remarked that most of them will 
underperform BTC over a larger timeframe. His warning suggests that the 
Bitcoin dominance will continue to trend upwards while an altcoin season may 
not happen anytime soon. Basically, there is a lack of interest and capital in 
these altcoins to spark an altcoin season, which could see them outperform 
BTC. Meanwhile, the Bitcoin dominance is surging thanks to massive adoption 
from institutional investors. These companies are looking to adopt Strategy’s 
playbook or gain exposure through the Bitcoin ETFs. BlockchainCenter data 
shows that it is still Bitcoin season and nowhere near altcoin season. For it 
to be altcoin season, 75% of the top 50 coins need to have outperformed BTC 
over the last 90 days. Only ten altcoins have outperformed the flagship crypto 
during this period. Altseason Is Still Coming, But Slowly In an X post, crypto 
analyst Astronomer assured that the altcoin season is still coming, although 
it could take a while. He noted that the price remains the same for these 
altcoins, but declared that nothing has changed. The analyst remarked that 
this lines up with the overall plan of the Bitcoin price ranging till the end 
of June and altcoins remaining in their local ranges. Related Reading: The 
Return Of Altcoin Season: Why Bitcoin Dominance Must Fall To 62% Astronomer 
also indicated that BTC needs to break out while the Bitcoin dominance remains 
below 65% for all parts of the plan for an altcoin season to be completed. The 
analyst urged market participants to be patient, expressing his confidence 
that an altcoin season would still occur. At the time of writing, the Bitcoin 
price is trading at around $107,300, up in the last 24 hours, according to 
data from CoinMarketCap. Featured image from Pixabay, chart from 
Tradingview.com

Rising Bitcoin Dominance Above 64% Dashes Hopes Of Altcoin Season, Here’s Why

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Purpose Investments will launch Canada’s first spot XRP exchange-traded fund 
(ETF) on the Toronto Stock Exchange on June 18, offering investors regulated 
exposure to XRP in both CAD and USD. XRP ETF by Purpose Receives Green Light, 
Trading Set to Begin June 18 Purpose Investments Inc. has secured final 
approval from Canadian regulators to launch […]

Canada Approves First XRP Spot ETF on Toronto Stock Exchange

“The panic of ‘22 showed that much like in TradFi, liquidity and solvency are 
intimately bound up with each other,” said Cycles’ Ethan Buckman.