Data from on-chain analytics firm Lookonchain reveals that several major Tellor (TRB) whales sold a portion of their holdings over the past week, taking substantial profits after TRB’s parabolic rally in October.
Three large transactions spotted moving TRB from Binance to unknown wallets paint a mixed picture of profit-taking. One whale depositing at $107 after withdrawing at $94 made nearly $1 million in gains. However, another company taking funds out at $138 and back in at $95 realized a $4 million loss.
These moves contributed to a greater than 30% pullback in TRB from its recent highs above $150. Some holders likely felt TRB was overextended after its 150%+ October pump and seized the opportunity to realize some gains.
However, Lookonchain notes that there are still 20 whales holding over 1 million TRB worth nearly $100 million combined. These long-term holders are still firmly in profit overall, up tens of millions with TRB’s huge run in 2022.
Many may simply be taking some capital off the table while maintaining core positions, expecting further upside. The data highlights normal profit-taking activity after a parabolic advance and doesn’t necessarily signal a topping out of the bullish trend.
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These major holders will be key to watch to gauge when TRB’s larger correction may materialize if they begin offloading in size. For now, selling remains limited as most whales continue hovering near record-high holdings.
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