The total value of the cryptocurrency market fell 6.4% to $1.04 trillion in about a week. New reports show that some whales are taking heavy losses on their positions as sales deepen in the altcoin market today.
Whales about to accept losses of millions in these altcoins
Pepe (PEPE)
According to Lookonchain’s report, a whale recently traded 468.5 billion PEPE tokens for 109 ETH and 237.5 USDT. The same whale withdrew 468.5 billion PEPE worth $890,000 from KuCoin on May 9. PEPE price was trading at $0.0000019 at this time. According to Lookonchain’s estimation, the whale’s portfolio is currently losing $463,000. More than half of its entire portfolio melted away.
https://twitter.com/lookonchain/status/166472085042741250
Chainlink (LINK)
Another whale, which deposited 451,135 LINK worth $2.26 million to Binance in the past hours, is currently writing a loss of $1.4 million. Some of his losses came from 450,997 LINK, worth $3.66 million, which he also deposited with Binance in April. Whale evaluated April’s LINK transfer by converting it to AAVE.
According to Lookonchain’s report, if the whale were to sell now, it would lose $1.4 million from the LINK investment, which it bought at an average of $8.12.
A whale deposited 451,135 $LINK ($2.26M) into #Binance 15 mins ago.
The whale withdrew 450,997 $LINK ($3.66M) from #Binance in April and deposited to #Aave.
At that time the price was $8.12, if he sells now, he will lose ~$1.4M.https://t.co/6AbSAVzdWB pic.twitter.com/ScwwCvd1UW
— Lookonchain (@lookonchain) June 10, 2023
Arbitrum (ARB)
Another whale pulled 5.56 million ARB ($5.66 million) from Uniswap. He then sold 3.92 million ARBs for 2,262 ETH ($3.97 million). The average selling price of the whale was $1.01.
The whale made a large purchase on March 27 when the ARB price was around $1.15. According to Lookonchain’s report, right now the whale is closing ARB positions in a panic. His wallet fell from 5.56 million ARB to 3.03 million ARB.
The whale currently holds 3.03M $ARB($3.08M).https://t.co/XIgo5BIvnE pic.twitter.com/2mJY67tTx6
— Lookonchain (@lookonchain) June 10, 2023
Left (LEFT)
Another whale has started sending large volumes of SOL to centralized exchanges. The wallet named “6brjeZ” transferred 681,746 SOL ($9.54 million) 15 hours ago. He then invested 576,009 ($8.2 million) of that on exchanges (Binance, Coinbase and Kraken). It is unclear whether this whale is currently selling.
We also found that a whale started to deposit $SOL to exchanges 15 hrs ago. #Solana
The whale"6brjeZ" transferred 681,746 $SOL ($9.54M) 15 hrs ago, of which 576,009 $SOL ($8.2M) was finally deposited into #Binance, #Coinbase and #Kraken.https://t.co/1ttFjIJdWx pic.twitter.com/tX1GOBo3xJ
— Lookonchain (@lookonchain) June 10, 2023
How is the altcoin market?
As the collapse from SEC lawsuits and market sell-offs continues, investor sentiment shifts to more established cryptos like Bitcoin and Ethereum, suggesting that more reliable coins are favored in the face of regulatory uncertainty.
The current ‘neutral’ rating of the fear and greed index indicates that the market has not yet fully reacted to these recent events. However, the situation remains volatile and further developments, such as additional regulatory actions or market changes, could rapidly alter investor sentiment and market dynamics.
Since June 6, when the lawsuits were filed, the total market cap of the crypto market has dropped 6.4% from $1.12 trillion to $1.04 trillion. Meanwhile, Bitcoin dominance rose 1.92% from 45.82% to 47.74%, Ethereum dominance rose 0.27% from 19.83% to 20.08%, and Tether dominance 7.63%. increased by 0.33% to 8.00%. As Cryptokoin.com reported, the decline was parallel to the delisting moves of stock markets and companies.
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