Whales Have Unrealized Profit of $10M+ on Tellor (TRB) and May Crash the Market Soon – Onchain Analysis

Tellor (TRB) has been on a strong uptrend in recent months, with gains of more than 10% today, 78% in the last month, and close to 400% so far this year. However, according to a recent onchain analysis by crypto analytics firm Lookonchain, some major Tellor (TRB) holders have accumulated large positions worth over $20 million and have unrealized profits exceeding $10 million. This massive whale activity could foreshadow an impending price crash if these investors decide to sell and take profits.

Whales Stockpile Over 13% of TRB Supply

Lookonchain points out that 7 prominent wallets on Binance have acquired a total of 332,712 TRB, valued at over $20 million, since September. This represents more than 13% of the total TRB supply in circulation. These whales have not sold any of their holdings yet.

One wallet alone holds 539,746 TRB worth nearly $34 million at current prices. This signifies over 21% of the total supply acquired at low prices earlier this year.

Over $10 Million in Unrealized Gains

According to Lookonchain’s analysis, these major holders are currently sitting on unrealized profits of more than $10 million with TRB up 550% since late August. The buying cost for the largest wallet was around $22 per TRB, indicating gigantic gains if sold at the current price of $62.

This presents a precarious situation where these whales could decide to take profits anytime and flood the market with TRB sales.

Imminent Price Crash if Whales Dump?

Given the sheer scale of their holdings relative to the total supply and derivatives market liquidity, Lookonchain cautions that these whales dumping even a fraction of their portfolios could easily crash TRB’s price.

For investors and traders, this potential overhang signals caution, with TRB looking primed for a correction if the whales cash out. With onchain data revealing their massive positions and profits, the chance of an abrupt selling spree remains high.

In summary, Lookonchain’s latest onchain intelligence suggests whales pose a looming threat of dumping on Tellor’s price charts. Investors may want to exercise caution or even consider booking profits before the whales potentially pull the rug.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.