Dear Bitruers,
Today, we are excited to share a new article about On-Chain Whales Accumulation!. Be sure to follow Bitrue's Official Twitter and Telegram to stay updated!
Introduction
Recently, Lookonchain, an on-chain analytical platform, revealed through its insights on Twitter that new whale wallets have been accumulating four significant tokens within the cryptocurrency sphere: Maker (MKR), Aave (AAVE), Immutable (IMX), and Fetch.AI (FET). This accumulation trend has triggered withdrawals from centralized exchanges, indicating an intent among users to hold these tokens for a sustained period, suggesting a bullish sentiment.
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Whale Accumulation and Withdrawals
Whale activity, often significant due to the volume of assets they control, has been detected on the blockchain, specifically concerning these four tokens. Withdrawals from centralized exchanges are indicative of a long-term holding strategy, typical when users transfer crypto to self-custody solutions, suggesting a reluctance to sell in the immediate future.
The reduction in token supply on centralized exchanges reflects increased accumulation by whale wallets, hinting at potential future bullish moves for these tokens.
Centralized Exchange Supply Depletion
AAVE: Lookonchain noted the withdrawal of 47,096 AAVE tokens worth $4.7 million from Binance by wallet 0x04e9. IntoTheBlock's Netflows data revealed a decrease of over 44,570 AAVE on centralized exchanges over the past 30 days, with a 22,620 AAVE increase in the last 24 hours.
MKR: Alongside AAVE, wallet 0x04e9 withdrew 2,251 MKR tokens worth $3.18 million. Nansen's data showcased a consistent decline in MKR held on centralized exchanges by the top five addresses throughout 2023.
IMX: Three new wallets withdrew 2.57 million IMX tokens worth $6.33 million from Binance, while the balance on centralized exchanges saw a decrease of 3.69 million IMX in the past 24 hours.
FET: Wallet 0x6e8c transferred 1.57 million FET tokens worth over $1 million from Gate.io to self-custody. Similarly, smart money wallets have shown increased FET accumulation, and distribution data highlights a decrease in the balances of the top five FET addresses on centralized exchanges.
Conclusion
The observed withdrawal and accumulation patterns by whale wallets across these tokens signify a shift towards a long-term holding strategy, potentially indicating a bullish sentiment within the cryptocurrency market. These insights, derived from on-chain analytics, provide crucial indicators for investors navigating the crypto landscape.
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