Although the cryptocurrency market has been horizontal lately, interesting movements are taking place behind the scenes. Three prominent crypto investors – Galaxy Digital, an address associated with MakerDAO, and Wintermute – have transferred millions of dollars in cryptocurrencies such as Shiba Inu to the Binance cryptocurrency exchange in the last 24 hours. While these transfers spark speculation in the market, experts are trying to understand whether investors want to dispose of or reposition their cryptocurrencies.
Galaxy Digital transfers AVAX to Binance
According to tracking by data tracking platform TheDataNerd, Galaxy Digital transferred a total of 105,000 AVAX tokens (approximately $2.93 million) to Binance 9 hours ago on July 18. These tokens were sent from Galaxy Digital’s over-the-counter (OTC) wallet. The OTC market is a specialized platform where large investors trade large amounts of cryptocurrency. This transfer suggests that Galaxy Digital may have plans to reduce its AVAX holdings or convert it to another investment vehicle.
MakerDAO associated address continues MKR sales
According to monitoring by another data tracking platform called Lookonchain, an address associated with MakerDAO transferred a total of 5,750 MKR tokens (approximately $16.76 million) to Binance in the last three days. It is reported that this address has been selling MKR since April 24 and the sales are mostly made at high prices. The average sales price of the address, which has sold a total of 18,900 MKR (approximately 53.83 million dollars) since April 24, was around 2,848 dollars. This situation can be interpreted as MakerDAO wanting to reduce its MKR holdings and selling by taking advantage of market conditions. However, the future moves of the address, which currently holds 8,905 MKR (approximately 26 million dollars), are a matter of curiosity.
Wintermute Shiba Inu transfers assets to Binance
Finally, TheDataNerd’s data reveals that the cryptocurrency investment company named Wintermute also made transfers to Binance. Wintermute transferred a total of 60.84 billion SHIB tokens (approximately $1.14 million) to Binance 6 hours ago on July 18. After this transfer, the SHIB balance at Wintermute decreased to 28.84 billion (approximately $543,000). This move raises the possibility of Wintermute selling some of its SHIB holdings or converting it to another cryptocurrency.
Although the exact reasons behind these transfers are unknown, it is thought that investors are cautious about the uncertainty in the cryptocurrency market and prefer to reposition their assets. Additionally, large transfers can cause short-term volatility in the market. By closely monitoring the movements of these investors and other major players in the coming days, clearer signals can be obtained about the direction of the cryptocurrency market.
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