On-chain detectives Whale Alert and Lookonchain have found that crypto whales have started selling profits accompanied by rising prices. Polygon (MATIC), in particular, saw bulk whale sales before turning red after a short rally.
Crypto whales managed to sell massive amounts of MATIC before its price turned red
According to Lookonchain, an unidentified large Polygon whale transferred $10.43 million to Binance wallet earlier today. Such transfers of investors with huge capital, known as whales because of their size, often arouse sales prospects.
On-chain data shows that the same whale transferred loaded MATIC to Binance, again on January 16, two weeks ago. The interesting thing is that after these transfers, the MATIC price went down. Anonymous whale managed to take profit today before MATIC dropped around 6%. It should be noted that the whale still holds 73.3 million MATICs worth $100 million locked in staking, in addition to 9.46 million MATIC.
Whales are moving away from Bitcoin and Ethereum
Bitcoin and Ethereum, two leading cryptocurrencies of whale participation, are falling into disrepute, according to a recent analysis from on-chain analytics platform Glassnode. The data shows that BTC supply, which has been active for the past three to five years, has dropped to a two-year low. The number of whales holding Ethereum (ETH) also fell to a 1-month low.
Also, the “3y-5y” supply of Bitcoin has dropped to 2,144,828,279 BTC. The previous low was 2,144,844,528 BTC, which it reached approximately 24 hours before the writing date. Similarly, the reported decline in Ethereum wallets holding up to 10,000 ETH tokens occurred during the same period. This number has dropped to 1,194 wallets. The lowest number before that was 1,195 wallets.
Whales’ apathy coincides with waning crypto market excitement
Decreasing whale activity reports published by Glassnode coincide with the recent pullback of the crypto market. Most cryptos on the board have returned a significant portion of the gains made in 2023. Bitcoin in particular fell below $23,000 for the first time in ten days as bears and bulls struggle to keep control of the markets.
Glassnode also reported that the number of Bitcoin whales holding at least 1,000 BTC has dropped to a 3-year low of 2,027, adding to the perception of rejection by whales right now. Therefore, there is a widespread expectation that the market will continue to recover after a temporary pullback or if current support levels continue. Analysts believe that the whales’ instant crypto selling reveals their purpose to profit in the rally environment.
Whales caught carrying millions of XRP
According to data provided by WhaleAlert, Ripple (XRP) has recently been the subject of approximately $147 million in transfers. The largest single transaction recorded by the tracking bot moves 252 million XRP (worth around $101 million) to an anonymous wallet.
The fate of the XRP price depends on the outcome of the SEC lawsuit, which is expected to end this year. cryptocoin.com We have included the latest developments from the case in this article.
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