"Damn, why did the whale suddenly act like this?"
Spotonchain, an on-chain tracker, identified that a smart trader who previously made millions in profits had moved $8.38 million in five different cryptocurrencies into Binance.
The trader deposited 40,000 AAVE worth $3.65 million, 265,000 Venus (XVS) worth $2.47 million, 799,000 Blur (BLUR) worth $287,000, 2.68 million Polygon (MATIC) worth $1.73 million and 246,000 Arbitrum (ARB) worth $240,000 on Thursday yesterday.
Like to be informed Spotonchain analysts revealed that the same trader previously also made more than $11 million profit immediately after investing in Pepe Coin (PEPE) and Uniswap (UNI).
Of the five tokens deposited by the wallet holders, the price of AAVE which declined by 3% yesterday is likely to extend the subsequent decline from the supply of DeFi tokens on the crypto exchange which increased by almost 4% in June 2024.
The increase in supply in crypto exchanges tends to signal higher selling pressure as more traders are found to have transferred their holdings from their wallets to digital asset exchanges.
On the other hand, Santiment data shows that XVS, MATIC and ARB saw a decrease in the supply of crypto exchanges which means there is less selling pressure from deposits to digital asset exchanges.
The Active Address metric that identifies whether a digital asset is relevant among crypto market participants has declined for both digital assets in June 2024 so far.
While social dominance for XVS has reached a six-month high despite the recent price correction, XVX social dominance is up at 0.071% indicating that the digital asset is increasingly being discussed among crypto market participants.