Whale Activity Sparks Concerns Over Altcoin Sell-Off Risks
03.12.2024 10:00 1 min. read Kosta Gushterov
Santiment, a cryptocurrency analytics firm, recently highlighted a surge in whale transfers to centralized exchanges for several altcoins.
Their analysis revealed that significant movements were made with tokens such as Eigenlayer ($2.8 million), Ethena ($2.5 million), Worldcoin ($2 million), Wrapped Bitcoin ($4.8 million), Pepe ($3 million), and Chainlink ($1.8 million).
Although these transfers might seem small relative to the total market capitalization of these assets, the fact that many occurred within a single day makes them noteworthy. The sudden spike in such transfers suggests that large holders may be preparing to take profits or reduce exposure to these altcoins.
This uptick in large transactions could signal that certain whales are preparing to liquidate a portion of their holdings, according to Santiment.
While Bitcoin’s recent price surge may dampen the potential impact on these altcoins, the increased activity could indicate short-term risks for a potential pullback.
Investors and traders are now closely monitoring these developments, as the actions of whales can often precede market movements.
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