MAJOR Altcoin Whale Activity Today

Our newly renovated Top Transactions model is indicating that there have been a flurry of big whale transactions that are among the 10 highest seen for respective altcoins over the past 3 months.

These black bars on our model indicate the USD amount that was transferred, based on the coins' current prices when they were moved. And there are quite a few massive numbers to comb through.

Among these altcoins that have the seen the highest activity are:

  • Apecoin ($APE): $27.9M transaction (TOP largest in the past 3 months) - (exchange to exchange address)
  • Aave ($AAVE): $21.4M transaction (3rd largest in the past 3 months) - (exchange to exchange address)
  • Lido Dao ($LDO) $15.6M transaction (7th largest in the past 3 months) - (non-exchange to non-exchange address)

Let's take a look at their volumes and exchange supply really quickly:

Apecoin's big transaction coincided with the largest daily trading volume spike in six weeks. We can also see that the supply on exchange had a notable uptick, implying that there have been some coins returning to exchanges perhaps after the exchange to exchange $27.9M transfer. This is a bit concerning.

Aave's $21.4M transaction did seem to have an impact on transaction volume, as today marks a 5-week high for that metric. However, supply on exchanges has actually moved down with the big transfer. So that's a good sign.

Lido Dao's $15.6M transaction came after there was already a big 4-week high in on-chain transaction volume yesterday. Thankfully, supply on exchanges has only moved up modestly the past couple days. So this is a pretty neutral signal.

Other notable altcoins with top transactions that were at least $4M or more in value today include:

  • 1inch (exchange to exchange address)
  • Adventure Gold (exchange to exchange address)
  • Alchemix (exchange to exchange address)
  • Ankr (exchange to exchange address)
  • Aragon (exchange to exchange address)
  • Arpa Chain (exchange to exchange address)
  • Audius (exchange to exchange address)
  • Automata (exchange to exchange address)
  • Axie Infinity (exchange to exchange address)
  • Barnbridge (exchange to exchange address)
  • Bella Protocol (exchange to exchange address)
  • Biconomy (exchange to exchange address)
  • Chiliz (non-exchange to non-exchange address)
  • Coin98 (exchange to exchange address)
  • Compound (exchange to exchange address)
  • Project Galaxy (exchange to exchange address)
  • Rocketpool (non-exchange to non-exchange address)

If you notice the above lists, the majority of these assets occur at the top of the alphabet. Perhaps it's all just a coincidence, but perhaps some large whales running algorithms decided to sell off just the first 8th (chronologically) of the altcoins they were running.

This is, of course, just a wild theory. But regardless, we should be on alert when so many altcoins are suddenly having major transfers on their network that are mainly exchange address to exchange address.


Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

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