DYDX and GRT prices are down more than 5% on Tuesday, independent of the market overall. Behind the sales were VC firms that transferred large amounts of altcoins to centralized exchanges.
Record loss in DYDX and GRT prices
Data from Lookonchain shows that DYDX and GRT recorded value due to hefty sales from whales. On-chain data revealed that trading firm Wintermute Trading repeatedly deposited large amounts of DYDX on exchanges prior to the sale.
The first deposit Lookonchain observed was 653,295 DYDX, which Wintermute Trading transferred to centralized exchanges. In this transfer, the company transferred approximately $ 1.37 million to the exchange wallet. After the takeover, 2.5 million DYDX, worth $5.26 million, remained in its portfolio.
A few hours later, Lookonchain found that Wintermute Trading had sent another $5.08 million to centralized exchanges. In this transaction, the company transferred 2.6 million DYDX, equivalent to $5.08 million, to centralized exchanges. A 8.5% decrease in the price of DYDX was followed by the large fund transferred by the company to the stock markets.
On-chain data points to changing whale behavior
Meanwhile, DYDX’s social dominance has been on the rise for the past few days. This volume means that the token is getting more attention from potential buyers. However, it’s worth noting that the supply held by the largest addresses has dropped over the past four weeks.
A lower supply held by the largest addresses confirms that the whales are making a profit. Also, the 30-day profit metric was currently at its highest level in the last four weeks. This indicates that the whales are now back in the loop for profit taking.
Realized profits represent realized gains after a sale. Let’s also inform DYDX traders that active addresses peaked in the last pivot and have slowed down since then.
Multiple whales were behind the GRT drop
Lookonchain reported a similar scenario with GRT. But in the case of GRT, its analytics platform has observed that multiple whales have made significant transactions that led to the sale. Lookonchain reported that a whale named “0xde32” has deposited 6 million GRT, equivalent to $776,000, on the Binance exchange. Following this transaction, the whale sold 750,000 GRT worth $100,000 on a decentralized exchange (DEX) via another wallet.
The impact of the sale led to a 10% decrease in the price of the GRT. Lookonchain found that the whale currently holds 3.22 million GRT, equivalent to $416,000. The whale also holds $25.3 million worth $3.25 million in another account.
Second altcoin whale transfers nearly $1 million
Alongside the first whale, Lookonchain tweeted about two whales that have deposited substantial GRT on exchanges. These wallets transferred 6.8 million GRT worth $886,000 on the KuCoin exchange.
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