While Bitcoin and altcoins started the day with a decline, BTC fell below $ 61,000 again. While this decline in BTC also affected altcoins, whales also went into selling mode.
Corporate Whales Switched to Sales Mode!
According to first shared by on-chain analyst The Data Nerd, Galaxy Digital deposited $14.72 million worth of Avalanche (AVAX) to Binance.
Accordingly, an address from Galaxy Digital deposited 520,000 AVAX ($14.72 million) worth $14.72 million to Binance.
Previously, this address, owned by Galaxy Digital, deposited 498 BTC.B and borrowed 520,000 AVAX on the AAVE lending protocol.
While institutional investors’ sales continue, important market maker GSR Markets, apart from Galaxy Digital, also deposited 300 thousand Chainlink (LINK) to Binance.
Again, according to The Data Nerd’s post, an address suspected to belong to GSR Markets and starting with 0x4E2 received 300,000 LINK (worth $4.37 million) from a multi-signature wallet.
This address then deposited all of these LINK to Binance.
11 hours ago, @GalaxyDigital deposited 520k $AVAX (~$14.72M) to #Binance.
Yesterday, they staked 498 BTC.B into #AAVE and borrowed 520k $AVAX.
Address:https://t.co/MD4R3KD7b3https://t.co/n4W8ZY4cqt pic.twitter.com/AEVOcE2K8K
— The Data Nerd (@OnchainDataNerd) July 3, 2024
Whales Are Selling at a Loss!
Finally, giant whales also sold large amounts of altcoins. According to Lookonchain’s post, whales sold LDO, AAVE, UNI and FXS.
Accordingly, these whale wallets sold $13.42 million to Binance.
“The whale/institution sold 3.13 million LDO ($5.77 million), 49,771 AAVE ($4.54 million), 269,177 UNI ($2.41 million) and 250,969 FXS ($708 thousand) at a loss.
This caused the prices of LDO, AAVE, UNI and FXS to fall.
This whale spent more than $73 million purchasing ETH and Ethereum ecosystem tokens following the approval of the SEC form 19b-4 for the ETH ETF at the end of May.
He sold most of the tokens and was left with only 3.33 million LDO ($5.83 million) and 31,191 AAVE ($2.8 million).
Total profit is now $2.87 million.
“He gained 7.29 million in ETH, lost 3.23 million in LDO, and lost $1.1 million in AAVE.”
Today this whale/institution sold 3.13M $LDO($5.77M), 49,771 $AAVE(4.54M), 269,177 $UNI($2.41M) and 250,969 $FXS($708K) at a loss.
This caused the prices of $LDO, $AAVE, $UNI, and $FXS to drop.
This whale spent more than $73M to buy $ETH and #Ethereum ecosystem tokens after the… pic.twitter.com/am8PG1pozE
— Lookonchain (@lookonchain) July 3, 2024
*This is not investment advice.
