The cryptocurrency market is returning deep into the red zone. After the last jump, investors and whales who saw this as an opportunity started selling. This brought the market down again. Tron (TRX) inventor Justin Sun is probably also included in this bandwagon. According to a post by an on-chain analytics platform, Sun moved Ethereum (ETH) and 4 altcoins to Binance.
Tron inventor moves ETH and these 4 altcoins to Binance
cryptokoin.comAs you can see from , the market has failed to maintain its upward momentum. After this, the leading crypto Bitcoin approached the critical support of $ 27 thousand. The leading altcoin Ethereum (ETH) did not hold above $ 1,700. While the crypto market continues to be under the influence of strong winds, important players are also joining the selling bandwagon. According to on-chain analytics platform PeckShieldAlert, 3 wallets belonging to Tron inventor Justin Sun moved Ethereum and 4 altcoins to Binance. In this context, PeckShieldAlert shared the following:
The address labeled JustinSun 3 deposited 23,641.6 TUSD, 21,794.2 CRV, 2,201.2 CVX and 292.1 ETH to Binance. The address also withdrew 521,137.84 USDT from AAVE and deposited it to Binance.
#PeckShieldAlert JustinSun 3-labeled address has deposited 23,641.6 $TUSD21,794.2 $CRV2,201.2 $CVXand 292.1 $ETH to #Binance. The address also withdrew 521,137.84 $USDT from #AAVE and deposited it to #Binance pic.twitter.com/jfyQk21VEK
— PeckShieldAlert (@PeckShieldAlert) October 3, 2023
It’s hard to say anything definitive about the Tron inventor’s next move. However, moving tokens on the market to a crypto exchange is generally considered preparation for sale. Therefore, it would be beneficial for investors to be vigilant.
Whales have started dumping Ethereum!
Whales eventually revealed their pump-and-dump strategy, highlighting the Uptober trend. Today, the price of Ethereum (ETH) experienced a significant long liquidation and an increase in entry. This shows that the whales left with their profits secured. Coinglass data reveals that $28 million worth of long positions were liquidated today after the ETH price fell below $1,725. As a result, the selling pressure intensified and the altcoin dropped below $1,670.
Interestingly, the whales successfully implemented their strategy, evidenced by the increase in Netflow, according to IntoTheBlock data. Netflow shows the difference between input and output. An increase in this metric indicates the possibility of ETH being sold on exchanges. This indicates a dominant input over the output. Currently, Netflow is at 46 thousand ETH. Additionally, the ratio of large holders’ Netflow to Netflow on the exchange increased to 4.65%. This indicates that whales are the primary drivers behind the inflow and Netflow increase and there is a selling sentiment in Ethereum price.
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