While cryptocurrencies continue to move in a downtrend, big investors are selling their coins. While major Ethereum wallets are exiting the popular meme coin Shiba Inu (SHIB), institutional investors described as “smart money” are taking a “short sell” position on some cryptos. So he’s short. Here are the details…
Institutional investors bet on the fall
More than ever, institutional investors are betting that the prices of Bitcoin and other cryptocurrencies will fall, according to a report from CoinShares on Monday. Institutional investor sentiment was “deeply negative” last week, according to the report, as short-selling product entries accounted for 75 percent of total entries, the largest entry recorded. Short-term products allow traders to short the cryptocurrency.
2/ Digital asset investment products saw inflows totalling US$44m last week.
However, products offering a short exposure are leading the narrative. pic.twitter.com/gkyUqoeAIS— CoinShares (@CoinSharesCo) November 21, 2022
That is, it refers to a bet on the price of an asset falling, as we have also reported as Kriptokoin.com. In the case of last week, investors flocked to invest their money in the continuing falling price of Bitcoin and Ethereum. The report said that assets under management in crypto investment products also saw a two-year low of $22 billion. He suggested that aggregate sentiment is extremely negative for the asset class.
In addition, the amount of money flowing into ETH investment products in these short selling positions was 14 million dollars. CoinShares said the interest in short selling products was likely driven by the FTX crash. The CoinShares report added that investors cashed out $6 million in altcoins last week, mostly Solana (SOL), XRP, Binance (BNB), and Polygon (MATIC).
XRP whales don’t stop
Whales continue to sell XRP in November as well. One of the biggest whales went on a dump spree after selling nearly 1 billion XRP in the last 14 days. On Monday, a whale moved nearly 9 million XRP worth $17.3 million from an unknown wallet to Bitstamp. Over the weekend, another whale transferred 296 million XRP worth $113.75 million from an unknown wallet to another unknown wallet.
https://twitter.com/whale_alert/status/1594015833562439682
Continuous whale dumps are putting pressure on the price of XRP, causing it to remain stagnant in the indexes. The short-term prospects of the cryptocurrency remain bearish as the indices do not fluctuate at all. As long-term holders realize that the development is consuming their profits, whale stocks could drive their price even lower.
Meanwhile, SHIB has been sold
Finally, over the weekend, the amount of Shiba Inu (SHIB) held in the top 100 addresses decreased by a quarter trillion meme coins, according to WhaleStats. WhaleStats shared that over the weekend, the top 100 wallets on the Ethereum chain lost nearly $2 million worth of SHIB in crypto assets. This creates a total of 231,481,481,481 meme coins at the current exchange rate.
Currently, whales are holding $72,241,236 in SHIB, the second largest meme coin in the crypto market. That’s 3.42% of the portfolio made up of whales. Currently, SHIB holds the fourth most important position in the portfolio with DAI, stETH and USDT standing ahead of Shiba Inu. The most important asset in these investors’ wallets is the USDC stablecoin.
31478
