Lookonchain data shows that the cryptocurrencies DYDX and GRT have experienced significant price drops, mainly due to massive sell-offs by whales on different cryptocurrency exchange platforms.
Massive DYDX sell-offs by Wintermute Trading
Lookonchain revealed that Wintermute Trading repeatedly deposited large amounts of DYDX on exchange platforms before these massive sell-offs. It was observed that Wintermute Trading deposited 2.6 million $DYDX (approximately $5.08 million) on exchange platforms, and currently holds 525,413 $DYDX (approximately $1.02 million).
The price of $DYDX dropped by about 8.5% after Wintermute Trading started depositing $DYDX on exchange platforms. The first transaction observed by Lookonchain involved 653,295 DYDX, equivalent to $1.37 million that Wintermute Trading transferred to centralized exchange platforms. After this transfer, the institution still had 2.5 million DYDX, approximately $5.26 million, in its wallet.
Massive GRT sell-offs by multiple whales
Lookonchain reported a similar scenario with the GRT token. However, in the case of GRT, the analytics platform observed that several whales executed significant transactions that led to a massive sell-off. Lookonchain tweeted that the whale “0xde32” deposited 6 million GRT, approximately $776,000, on the Binance exchange platform. After this deposit, the whale sold 750,000 GRT worth $100,000 on a decentralized exchange (DEX) platform through another wallet.
The massive sell-off resulted in a 10% drop in the price of GRT. Lookonchain noted that the whale currently holds 3.22 million GRT, approximately $416,000, in its wallet, and 25.3 million GRT worth $3.25 million in a staked account.
The impact of massive sell-offs on the cryptocurrency market
Market analysts use deposit metrics on exchange platforms to assess investor sentiment towards specific assets. Depositing on exchange platforms indicates that holders may be willing to sell a given digital asset for fiat or trade it for other digital assets.
In conclusion, it is important to note that cryptocurrency market volatility can be influenced by many factors, including the actions of whales. To track these movements and understand their impact, analysis platforms like Lookonchain and cryptoview.io can be of great help. Try cryptoview.io today for in-depth cryptocurrency market analysis.
