Blockchain data analyst Lookonchain announced that market makers are moving cryptocurrencies to exchanges.
In the crypto market, which started the day in a downward direction, the reasons for the decline are wondered. Looking at the overall outlook, the biggest factor in the crypto market’s decline appears to be selling pressure.
Blockchain data analyst Lookonchain noted that before the crash, Jump Trading and Cumberland moved some cryptocurrencies to centralized exchanges.
Market Makers Carry Coins to Exchanges!
Market makers, who carry out active transactions in the crypto money market, started to carry the crypto money in their hands to the stock markets. He focused on market maker movements, especially Lookonchain, Jump Trading and Cumberland.
Over the past 16 hours, #Cumberland has deposited 9M $MATIC ($6.3M) into #Binance and 5M $MATIC ($3.5M) into #Coinbase.
A total of 14M $MATIC ($9.8M) was deposited to exchanges.
And the price of $MATIC dropped by ~29%.https://t.co/9wKI6alh2s pic.twitter.com/P4NkUZ3Zgy
— Lookonchain (@lookonchain) June 10, 2023
According to Lookonchain, Jump Trading and Cumberland sent large volumes of Polygon (MATIC) to exchanges Friday night. Notably, Cumberland moved 9 million MATIC to Binance and 5 million MATIC to Coinbase. Lookonchain claimed that other market makers other than Cumberland also made MATIC transfers. After these migrations, the price of MATIC dropped by nearly 30 percent.
Another market maker whale also moved 451,135 Chainlink (LINK) to Binance. About $2.26 million of LINK is thought to have been sold. In addition, Lookonchain announced that another whale has transacted on Arbitrum (ARB). This whale pulled and sold approximately $5.5 million worth of ARBs from the Uniswap pool.
A whale removed 5.56M $ARB ($5.66M) of liquidity from #Uniswap and sold 3.92M $ARB for 2,262 $ETH ($3.97M), with an average selling price of $1.01.
The whale received $ARB on Mar 27, when the price was $1.15.
Now the whale is panicky selling $ARB at a loss. pic.twitter.com/lf1vLFPEda
— Lookonchain (@lookonchain) June 10, 2023
Apart from the data reflected on Lookonchain, it was noteworthy that many loaded transactions were reflected on the market. WhaleAlert announced that many loaded wallets have moved their ETH and BTC to Binance. Million-dollar transactions may be moved to centralized exchanges for the purpose of selling pressure.
https://twitter.com/whale_alert/status/1667471100345827330
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