Several Top Transactions May Have Foreshadowed the December 16th Altcoin Tops

🐳 Just prior to crypto's local top on December 16th, there were signs of many altcoins seeing particularly high transactions. As indicated in the below graphic, our Top Transactions model indicates that assets link $ANKR, $COIN, $COTI, $MANA, $HOT, $IMX, $SSV, and $SUSHI saw some of their largest transfers on their respective networks on this day.

This does not necessarily mean that December 16th was the definitive local top for this bull rally. But warning signs like these are generally reliable as short-term reversal signals.

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