Altcoin Watch: Mega Whales Are Taking These Alts Off Exchanges

Name	Symbol	Market	Market Cap ($)	Algorithm
Polygon	MATICUSD	Crypto	1,271,131,180	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Polygon

MATICUSD

Crypto

1,271,131,180

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.03601	8.10%	0.4806	0.4811	0.4822

Price Change

Price Change %

Current Price

Bid Price

Offer

0.03601

8.10%

0.4806

0.4811

0.4822

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.4846	0.4311	0.43748	0.44459	0.285100 - 1.29

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.4846

0.4311

0.43748

0.44459

0.285100 - 1.29

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	07:09:48	247.30	0.4806	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

07:09:48

247.30

0.4806

USD

Price x Volume	Volume	Base Symbol	Related Pairs
1,573,787.04	3,512,790.14	MATIC	MATICEUR	MATICGBP	MATICBTC

Price x Volume

Volume

Base Symbol

Related Pairs

1,573,787.04

3,512,790.14

Altcoin Watch: Mega Whales Are Taking These Alts Off Exchanges

17/09/2024 6:00pm

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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