On-chain analytics platform SpotOnChain revealed several large withdrawals from top cryptocurrency exchanges in the past day that could signal upcoming positive price movements. According to their data, a whale address transferred millions of dollars worth of assets out of Binance and Gate.io.
The whale, identified as address 0x94cf7b6eb35de00c3aeb3ec49a625ec4e39f5630, withdrew over $5 million total in the past 30 minutes. This included $984,000 worth of BIGTIME from Gate.io and nearly $1 million each of MATIC and ENS from Binance. Additional withdrawals from Binance included $350,000 of UNI and $633,000 of 1INCH.
In a separate incident, fresh wallet 0x520946f2a757a982f9756bd0d2a9c68b85914056 reportedly withdrew $3.63 million worth of BLZ (17.96 million tokens) from Binance via 7 transactions. This represents one of the largest single-wallet holdings of BLZ outside an exchange.
While large withdrawals can introduce more selling pressure in the short term, experts note this is not always bearish.
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Show more +In many cases, it indicates whales are planning long-term holdings instead of near-term sells:
Long-Term Holding: If whales are moving their assets off exchanges, it often indicates they are not planning to sell in the near term. This is because assets are typically moved to exchanges for easier selling. Storing them in personal wallets or cold storage can suggest a long-term holding strategy, implying confidence in the asset’s future value.
Reduced Selling Pressure: With fewer assets on the exchange, there’s less likelihood of large-scale selling, which can stabilize or increase the price due to reduced selling pressure.
Traders will continue monitoring the price actions of these coins in light of the whale movements. While volatility may rise temporarily, long-term holder sentiment appears strong.
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