- On-chain data shows utility altcoins have attracted more whale activities in the past months than memecoins.
- The crypto market will experience higher volatility amid Wednesday’s FOMC statement and the Fed’s funds rate announcement.
- Anticipated approval of spot altcoins ETFs in the United States has significantly influenced whale activities.
The altcoins season 2025 has gradually gained bullish momentum following a Bitcoin (BTC) price stagnation below $120k in the past three weeks. The Altcoin Season Index provided by CoinGlass shows a gradual shift of interest from Bitcoin to the alt market, as it hovers around 47% on Tuesday, July 29, 2025.
This new altcoin narrative is also supported by a rebound in the ETH/BTC pair and a slip in Bitcoin’s market dominance from a peak of 66% to around 61%.
Four altcoins seeing a surge in whale activity
With Bitcoin and a few altcoins, led by XRP, having entered their respective price discovery phases, on-chain data shows an increased demand for specific altcoins.
According to on-chain data analysis from Santiment, the altcoins with rising whale activities include Bitcoin Cash (BCH), Curve DAO (CRV), Immutable X (IMX), and Convex Finance (CVX).
For instance, BCH recorded 294 whale transactions on Monday, July 27, which are greater than $100k. The second highest was CRV with 120 whale transactions greater than $100k on Monday.
What are the Midterm Targets for these Altcoins?
BCH
Ahead of the FOMC statement and the Fed’s funds rate announcement on Wednesday, BCH price is on the cusp of recording the highest monthly close since April 2024. The large-cap altcoin, with a fully diluted valuation of about $11.4 billion, has recorded four consecutive monthly green candles.
From a technical analysis, BCH price is well-primed to rally beyond $1000 and retest the 2021 peak of around $1,645. Furthermore, the weekly Relative Strength Index (RSI) has surged above the 70 level for the first time in 2025.
CRV
The Curve DAO (CRV) price has been forming an inverted head and shoulders pattern (H&S) in the weekly timeframe. A consistent close above the neckline around $1.25 will lead to a rally towards $2 in the near term.
The bullish sentiment is also backed by the MACD indicator that recently flashed a buy signal on the weekly timeframe. Notably, the MACD line crossed above the signal line amid growing bullish histograms.
IMX
The Immutable (IMX) price has rebounded from a crucial multi-year support level around 38 cents. Since the beginning of 2025, the IMX price has formed a double bottom coupled with a bullish divergence of the weekly RSI.
As a result, IMX price is well-positioned to rally towards $1 in the near term. The midterm bullish sentiment will be invalidated if the IMX price falls back to 38 cents in the coming weeks.
CVX
The Convex Finance (CVX) price has gradually signaled bullish sentiment in the past year. The small-cap altcoin has rebounded from a double bottom around $1.52 and also broken out of a macro falling logarithmic trendline.
The bullish sentiment is bolstered by the weekly MACD indicator, whereby the MACD and Signal lines recently crossed the zero line amid growing bullish histograms.
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