There has been an increase in whale activity around the cryptocurrency exchange Binance. Polygon and Ethereum whales are moving millions of MATIC and ETH to Binance. Is a price shock coming in the coming hours?
Why should investors pay attention to MATIC whale activity?
Lookonchain shared on Twitter some information about Polygon (MATIC) and the whale activity currently surrounding the altcoin.
MATIC transfers / Source: PolygonScanAccording to the post, a whale is selling MATIC. The same whale retrieved 79 million MATICs worth approximately $65 million on November 15. The crypto whale later transferred a large amount of MATIC to Binance.
MATIC 14-day chart / Source: TradingViewAlmost every time this whale’s MATIC is transferred to Binance, the price of MATIC has dropped. Considering this fact, it may be something investors should be aware of.
MATIC 1-day chart / Source: CoinMarketCapAccording to CoinMarketCap, MATIC is trading at $0.8202 at press time, down 4.42% in the last 24 hours. The altcoin also peaked at $0.8645 and bottomed at $0.8115 in the same time frame. However, the crypto is still in the green by 1.77% from last week. Also in green, MATIC’s 24-hour trading volume is currently at $269,290,707, after an increase of more than 39% from the last day.
Ethereum whales circling Binance
As we have reported as Kriptokoin.com, Binance is witnessing a huge Ethereum whale movement. This has inflamed the debate over whether Ether (ETH) will enter a strong correction very soon. On Monday, Ethereum traded weakly amid reports of large ETH transfers to Binance.
–On-chain researcher Lookonchain has warned of selling pressure amid ETH’s massive whale move. The tracker reported today that a whale address moved 73,224 ETH worth $85.67 million to Binance. Large investors often move cryptocurrencies to centralized exchanges with the intention of selling or using them as a margin in derivatives trading. Therefore, it is possible that an increase in stock market entries could lead to more price volatility.
At press time, ETH is down 4%. It is currently trading at $1,170 with a market cap of $143 billion. In the midst of the whale movement around Binance, Lookonchain tweeted, “Watch out for the selling pressure of ETH.”
The whale who removed 84,131 $ETH ($101M) from Curve 3 days ago is transferring $ETH to #Binance.
He transferred a total of 73,224 $ETH ($85.7M) to #Binance, leaving 11,884 $ETH ($13.9M).
Watch out for selling pressure of $ETH!https://t.co/8KRdt8kopHhttps://t.co/voRXKZIhSF pic.twitter.com/7VYHFhlUQV
— Lookonchain (@lookonchain) November 28, 2022
The on-chain researcher also noted that the address that moved 73,000 ETH to Binance is the same address that pulled 84,131 ETH from decentralized exchange Curve’s Lido Staked ETH (stETH)-ether liquidity pool last week. Since then, the stETH price has dropped to 0.97 ETH after the whale pulled a massive 84,000 ETH from the Curve pool. According to Dune Analytics data, stETH is currently trading at 0.982 relative to Ether.
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