The total value of the cryptocurrency market fell 6.4% to $1.04 trillion in about a week. New reports show that some whales are abandoning their positions as the sell-off in the altcoin market deepens today.
Whales sold these altcoins at a loss
Pepe (PEPE)
According to Lookonchain’s report, a whale recently sold 468.5 billion PEPE tokens for 109 ETH. In return, the whale received 190 thousand dollars and lost a total of 237.5 thousand USDT. The same whale withdrew 468.5 billion PEPE worth $890,000 from KuCoin on May 9. PEPE price was trading at $0.0000019 at this time. According to Lookonchain’s estimate, the whale closed all its positions with a loss of $463,000. More than half of its entire portfolio melted away.
Chainlink (LINK)
Another whale, which deposited 451,135 LINK worth $2.26 million to Binance in the past hours, is currently writing a loss of $1.4 million. Some of his losses came from 450,997 LINK, worth $3.66 million, which he also deposited with Binance in April. Whale evaluated April’s LINK transfer by converting it to AAVE.
According to Lookonchain’s report, if the whale sells now, it will lose $1.4 million from the LINK investment, which it bought at an average of $8.12.
Arbitrum (ARB)
Another whale pulled 5.56 million ARB ($5.66 million) from Uniswap. He then sold 3.92 million ARBs for 2,262 ETH ($3.97 million). The average selling price of the whale was $1.01.
The whale made a large purchase on March 27 when the ARB price was around $1.15. According to Lookonchain’s report, right now the whale is closing ARB positions in a panic. His wallet fell from 5.56 million ARB to 3.03 million ARB.
Left (LEFT)
Another whale started sending large volumes of SOL to centralized exchanges. The wallet named “6brjeZ” transferred 681,746 SOL ($9.54 million) 15 hours ago, of which 576,009 ($8.2 million) was deposited on exchanges (Binance, Coinbase and Kraken). It is unclear whether this whale is currently selling.
How is the altcoin market?
As the collapse from SEC lawsuits and market sell-offs continues, investor sentiment shifts to more established cryptos like Bitcoin and Ethereum, suggesting that more reliable coins are favored in the face of regulatory uncertainty.
The current ‘neutral’ rating of the fear and greed index indicates that the market has not yet fully reacted to these recent events. However, the situation remains volatile and further developments, such as additional regulatory actions or market changes, could rapidly alter investor sentiment and market dynamics.
Since June 6, when the lawsuits were filed, the overall market cap of the crypto market has dropped 6.4%, from $1.12 trillion to $1.04 trillion. Meanwhile, Bitcoin dominance rose 1.92% from 45.82% to 47.74%, Ethereum dominance rose 0.27% from 19.83% to 20.08%, and Tether dominance 7.63%. increased by 0.33% to 8.00%. cryptocoin.com As we have reported, the decline was in parallel with the delisting moves of the stock markets and companies.
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