In the world of cryptocurrency trading, whale movements can often signal major market changes. On April 17, three key whale movements were observed by on-chain analysts, providing a glimpse into the behavior of these major players. According to the data, some of these altcoin whales are transferring their coins to major exchanges such as Binance. Others add to their personal wallets. Here are the details…
Leading altcoin ETH sent to Binance
First, the giant whale address that started with 0x233 made a move that attracted the attention of many investors. This whale removed $48 million worth of ETH/stETH liquidity, meaning it removed its staked ETH from stake. He then transferred 11,450 ETH (approximately $23.9 million worth) to Binance. This transaction was closely watched by analysts as the whale’s 89 ETH was withdrawn from Binance when the ETH price was at $1,565. So if the whale sells immediately, it will make a profit of up to $6 million with a 33 percent return. This move is important not only for the impressive profits that can be made, but also because it could signal a price action for ETH in the near future.
DYDX was also sent to Binance
Another whale movement observed on April 17 was by CMS Holdings, which has transferred 607,748 DYDX (approximately $1.76 million worth) to Binance in the past two days. Transferred from CMS to Binance, DYDX was sold from Binance between March 3 and April 10 and may cost $2.49. So if it sells right away, CMS will make a 16 percent return on this DYDX investment of $230,000. To many, the move is significant because it indicates that CMS Holdings may have a bullish outlook on DYDX and is positioning itself for potential gains in the future.
Whale bought MATIC
Finally, according to on-chain data, the giant whale address starting with 0x3d3 sold 1.84 million USDC for 1.57 million MATIC on the popular decentralized exchange (DEX) 1inch. Thus, the average purchase price was $1.17. This move is interesting because it shows that the whale may be bullish on MATIC, which has seen significant gains in recent weeks. However, it’s important to note that this move can also be a simple portfolio rebalancing strategy.
Overall, these three whale movements provide a fascinating insight into the behavior of major players in the cryptocurrency market. While these movements do not exactly determine the future direction of these assets, they do provide valuable information to traders and analysts who want to make informed decisions. cryptocoin.com As we have reported, the cryptocurrency market remains highly volatile and investors should be careful when making any trading decision.
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