The cryptocurrency market witnessed several significant movements on January 29 by large investors known as whales. These activities, monitored by on-chain data analysts, shed light on potential market sentiment and trading strategies. GMT coin, MKR and many altcoins came to the fore.
MKR and ETH sale: Drop triggered
First, a single wallet address earned 5.37 million DAI by selling 2,658 MKR tokens at an average price of $2,022 over the last four days. This massive sell-off coincided with a 7.6% drop in MKR’s price, raising concerns about further market pressure if the remaining 2,007 MKR (worth $3.9 million) were sold.
On the other hand, an Ethereum whale has come to the fore. Another whale address, which previously accumulated 14,768 ETH at an average price of $2,202, transferred all its assets to Coinbase. This transaction, valued at $32.53 million at current prices, signals potential profit-making or future sales plans. If sold, the whale would make a profit of over $1 million.
Justin Sun transferred 5 altcoins to Poloniex
Well-known entrepreneur Justin Sun has completed two significant transactions. He transferred 7,019 BNB (approximately $2.16 million) from Binance and deposited $650,000 worth of various crypto assets (RACA, BTP, POOLX, CAKE, AIDOGE) to a Poloniex multi-signature address. The purpose of these transfers remains unclear, but they highlight Sun’s active participation in the cryptocurrency market.
GMT coin team is selling
STEPN investors or an address linked to its team deposited 14.34 million GMT (approximately $3.87 million) on Binance. This wallet had previously received 131 million GMT from unlocks since July 2023 and had previously deposited 25.8 million GMT at lower prices. GMT is subsequently transferred to various Gas Hero-related addresses, hinting at potential connections to the game’s recent tweaks.
Finally, a whale holding 58,911 ETH since September 2023 deposited another 3,000 ETH (worth $6.77 million) to Binance. Thus, in the last two weeks, the total exchange investment reached 9,200 ETH, while the average selling price was 2,296 USD and the total profit was 2.91 million USD. This activity means potential profit making or more sales in the near future. These whale movements demonstrate the dynamic nature of the cryptocurrency market, where large investors can significantly influence prices and sentiment.
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