Blockchain analytics firm Santiment has spotted huge whale transactions for Polygon (MATIC), Fantom (FTM), and an Ethereum (ETH)-based altcoin as the crypto markets continue to see red.
In a new blog post, Santiment reports that a Polygon whale relocated his MATIC stack worth $62.1 million from one crypto exchange address to another exchange wallet.
The firm warns the transaction could be a sign that a whale is getting ready to sell, but could also be a routine shuffle of tokens on an exchange.
“MATIC is the most notable asset on the list, after a 58,885,143 MATIC ($62.1 million) transaction was made today. Unfortunately, this appears to have been an exchange address moving coins to another exchange address, which generally isn’t indicative of any positive price movement coming up. But it is possible. Usually, this kind of transfer reflects a whale sell-off at worst, or a routine move to another exchange address at best.”
At time of writing, MATIC, the crypto market’s biggest Ethereum scaling solution, is trading at $1.05.
Santiment also has Ethereum rival Fantom (FTM) on its radar. The firm says that FTM’s recent bearish price action may be linked to a recent whale transaction worth over $10 million.
“Fantom has been taking quite the beating in March. And its latest big transaction was a $10.2 million move within an exchange. So far, the price has plummeted after this massive funds transfer. But a little bit of time will be needed to pass before just assuming that this was a huge sell-off, and not just a simple transfer to a new wallet.”
At time of writing, FTM is trading at $0.329, down 37% in the last month and 90% from its all-time high.
Lastly, Santiment says whales were recently on the move for Aavegotchi (GHST), a crypto collectible project built on Ethereum. The analytics firm says that a recent whale transaction could signal the end for GHST’s downtrend.
“With Aavegotchi being the 331st-ranked market cap asset, it tends to see a lot of extreme swings, with whale transactions having a tremendous impact on its price. Today, GHST had an $8.2 million single transfer from an exchange address to another exchange address as markets [fall]. You can see that there was a series of major on-chain transaction volume right around the top on the 21st through 23rd. And this spike is the first one since. Perhaps it’s indicating a bottom may be near?”
At time of writing, GHST is trading for $1.13.
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