Massive Whale Withdrawals of MATIC, ENS, and These Cryptos Send Signals

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.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

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.

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!

CaptainAltcoin
Logo