ARB Is Dumping These 5 Altcoins, Crypto Whales Buying MKR!

According to the latest reports, ARB and MKR are signaling the green with million dollar purchases of the day. On the other hand, these 5 altcoins are at risk, with large amounts of funds flowing into centralized exchanges.

Giant whale collects $5.84M worth of ARB from Binance

According to Lookonchain’s report, the giant whale address that started with “0x6950” has started collecting Arbitrum (ARB) from Binance again. Whale purchased 4.6 million ARBs today, worth approximately $5.84 million. The same whale has withdrawn a total of 9 million ARB ($ 11.4 million) from Binance in the last 2 days.

ARB price is currently trading at $1.25, gaining 0.76% on the day. Meanwhile, most cryptocurrencies, including BTC and ETH, were moving sideways.

MakerDAO starts collecting MKR again

The MakerDAO repurchase kicked off today, with an average of approximately $5,000 in MKR repurchases every 27 minutes. This bot will collect over $100M of MKR from the market and add it to Uniswap V2. It is currently raising $5,000 worth of MKR from a market in about 27 minutes.

This app launched on July 17 with a proposal voted on by the MakerDAO community. The purchasing engine, named Smart Burn Engine, will start collecting MKR from the market as of today. The difference between the smart burn engine and its previous design is that MKR tokens will be accumulated in the form of Uniswap V2 LP tokens instead of being bought and burned.

While ARB and MKR are buying, these 5 altcoins are on the red list

On the sell side, Whale Alert has detected that large amounts of Bitcoin, ETH, LTC and 1INCH have been sent to various crypto exchanges. One of them was ETH transfers with over $40 million flowing to Gate.io and Coinbase.

Meanwhile, an altcoin whale that participated in Ethereum’s ICO in 2015 is back in the act today. As Cryptokoin.com transferred, he transferred his entire portfolio to OKX in the first transaction.

Bitcoin (BTC)

Hours later, 1,865 Bitcoins were transferred from an anonymous wallet to Coinbase just as BTC lost the $30,000 mark.

Litecoin (LTC)

Also, just before the halving, a Litecoin whale sent 500,000 LTC worth $46 million to Binance. Litecoin will complete its third halving cycle on August 1.

USDC

At the same time, Whale Alert reported that two major transfers were made to Coinbase from the USDC Treasury, where Circle’s stablecoins were minted.

In the second transaction, 75,000,000 USDC ($74,992,500) was transferred from USDC Treasury to Coinbase

Polygon (MATIC) and 1Inch (1INCH)

In the same time frame, $7.4 million of Polygon (MATIC) flowed to Binance among smaller transfers. In another transaction, the $12.3 million 1Inch (1INCH) flowed to the OKX exchange.

Additionally, Dragonfly Capital received 37.5 million 1INCH unlocked. Transferred them to OKX with Coinbase. According to Lookonchain’s report, Dragonfly Capital, one of the 1INCH investors, received 37.5 million 1INCH (approximately $14 million worth) from 1inch DAO Vesting. He then transferred these funds to the address “0x340e”. He then invested 37.5 million 1INCH (worth around $14 million) on Coinbase and OKX. It should be noted that on January 2, 2022, the price of 1INCH was $2.6, while Dragonfly Capital transferred 500,000 1INCH (approximately $1.3 million worth) to Genesis Trading OTC address.

Whales sell GMT at a loss

Finally, a group of 3 whales sent 6.83 million GMTs to OKX yesterday. This transfer was equivalent to $1.71 million in fiat terms. These whales bought 6.83 million GMTs when the price was around $0.40. Following the acquisition on December 7 and December 8, 2022, GMT performed poorly across the market. Meanwhile, BTC price surpassed $30,000, but GMT remained stagnant. Lookonchain suspects the whales are preparing for a sale.