Altcoin Watch: Mega Whales Are Taking These Alts Off Exchanges
2024年9月18日 - 2:00AM
NEWSBTC
On-chain data shows the whales of these altcoins have been shifting
their supply from exchanges to cold wallets recently, a sign that
may be bullish for their prices. Whales Of These Altcoins Have Been
Moving Into Self-Custody Recently In a new post on X, the on-chain
analytics firm Santiment has discussed the trend in the Top
Exchange/Non-Exchange Wallet Holdings for three altcoins: Polygon
(MATIC), Injective (INJ), and Render (RENDER). Related Reading:
Bitcoin Investors Succumb To Fear As BTC Erases $60,000 Weekend
Recovery The “Top Exchange/Non-Exchange Wallet Holdings” here
refers to an indicator that keeps track of the ratio between the
balance of the ten largest wallets associated with centralized
exchanges and that of the ten largest self-custodial addresses. The
ten largest wallets of either type would naturally belong to the
whales, the largest of the entities in the sector. In fact, these
addresses wouldn’t be just any ordinary whales, but rather
investors that are humongous even by whale standards. As such, the
Top Exchange/Non-Exchange Wallet Holdings tells us about how the
supply held by the exchange-related mega whales compares against
the ones keeping their coins in cold wallets. Below is the chart
shared by Santiment that shows the trend in this indicator for the
altcoins over the last couple of years: As is visible in the above
graph, the Top Exchange/Non-Exchange Wallet Holdings has registered
sharp plunges for all three of these altcoins in the last two
years, with Polygon seeing the latest one. The plunge in question
had come for MATIC on the 9th of this month, with the mega whales
moving a pretty significant amount to self-custody. In the days
since then, the indicator has continued to decline for the altcoin,
although the scale of the drawdown has been nowhere near what was
witnessed during the aforementioned plummet. Render’s mega whales
made a massive transfer towards cold wallets back on the 21st of
July, and the ratio has since maintained at low levels. INJ’s
plunge was much earlier, back on August 21st of last year, but the
large hands have continued to gradually offload more supply from
exchanges since then. Related Reading: Ethereum In Danger: Analyst
Explains What Could Trigger Crash To $1,800 Generally, investors
keep their coins in the custody of exchanges whenever they plan to
participate in trading activities in the near term. Thus, the
exchange supply of any asset may be considered as a reflection of
its potential sell supply. In this view, the shift that the mega
whales of these altcoins have shown towards self-custody can be a
bullish sign. The indicator may be to monitor in the near future,
however, as any reversals would imply that the mega whales want to
sell again and, hence, that a bearish outcome may be waiting for
the coins instead. Render Price At the time of writing, Render is
floating around $4.8, down 8% over the past week. Featured image
from Dall-E, Santiment.net, chart from TradingView.com
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