The cryptocurrency market has been quite volatile lately. This causes whales to make different decisions. Crypto intelligence tracker Santiment tracks the holdings of the biggest whales in exchange wallets. Santiment noted that the 10 biggest whales reduced their holdings of these 3 altcoins on the exchanges.
Analysis firm: Big whales reduced the assets of these 3 altcoins on the exchanges!
cryptokoin.comAs you follow from , the market is looking for new catalysts as the spot Ethereum ETF excitement subsides. This recession also increases the selling pressure on cryptocurrencies. Cryptocurrency analytics platform Santiment tracks holdings of major exchange wallets for different assets to gauge selling pressure on tokens and any impact on price. Santiment found that since May 27, the top 10 whale addresses have reduced their holdings of Shiba Inu (SHIB), Chainlink (LINK), and Ethereum (ETH) on exchanges.
In this context, Santiment recorded a 2.4% decline in SHIB holdings, 2.9% in LINK and 8.6% in Ether holdings in the ten largest wallets. In his post on this issue, Santiment also explained what the decrease in stock market supply means. In this context, he noted that “it should be seen as a good sign for bullish traders.”
What does SHIB mean for LINK and ETH?
Data from the on-chain data tracker shows that SHIB supply on exchanges is at its lowest level since March 2021. This means there are fewer tokens available for sale. Experts see this as a sign that the selling pressure on the altcoin is easing. Therefore, it is possible that this development will positively affect the SHIB price.
Chainlink has added 5% to its supply on exchanges since the beginning of 2024. However, over the last four days, LINK supply has decreased by almost half a million compared to its local peak of 211.19 million observed on June 11.
Ethereum supply on exchanges has reached its highest level in nearly 22 months. Therefore, the decrease in ETH holdings in exchange wallets tracked by Santiment may not have a significant impact on the price of Ether.
Meanwhile, at the time of writing, SHIB was trading at $0.0000209, down 0.83% on a daily basis. LINK also suffered a similar loss, falling to $14.99. On the other hand, the leading altcoin Ethereum turned the decline into an increase. ETH is up nearly 4% on its daily chart at the time of writing, rising to $3,564. However, it is still in the red zone by over 3% on its weekly chart.
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