The Rise of Whale Accumulation in Four Tokens
Lookonchain, an on-chain analytical platform, recently reported on Twitter that several new whale wallets have been accumulating four specific tokens: Maker (MKR), Aave (AAVE), Immutable (IMX), and Fetch.AI (FET). By analyzing blockchain data, these tools provide insights into the activities of large-scale crypto holders.
Withdrawals from centralized exchanges often indicate a long-term investment strategy, as individuals move their tokens to self-custody solutions. This suggests that these whales are not planning to sell their holdings anytime soon. Conversely, when crypto is transferred from self-custody to centralized exchanges, it may signal an intention to sell.
Centralized Exchange Supply of Tokens Decreases Amidst Whale Accumulation
- AAVE
According to Lookonchain’s Twitter post, wallet address 0x04e9 withdrew 47,096 AAVE tokens worth $4.7 million from Binance. Netflows data from IntoTheBlock also reveals that AAVE holders have been withdrawing tokens from centralized exchanges.
Netflows refer to the difference between tokens entering and leaving exchanges. In the past 30 days, centralized exchanges’ balance has decreased by over 44,570 AAVE, while it has increased by 22,620 AAVE in the past 24 hours.
- MKR
In addition to AAVE, wallet address 0x04e9 also withdrew 2,251 MKR tokens worth $3.18 million. Nansen data shows that smart money wallets tracked by the platform have acquired MKR tokens worth nearly $65,000 in the past 24 hours. The distribution graph indicates a constant decline in the amount of MKR tokens held on centralized exchanges by the top five addresses.
- IMX
Three new wallets withdrew 2.57 million IMX tokens worth $6.33 million from Binance. The balance of IMX tokens on centralized exchanges has decreased by 3.69 million in the past 24 hours.
Increased Accumulation of FET Tokens
A newly created wallet, 0x6e8c, transferred 1.57 million FET tokens worth over $1 million from Gate.io to self-custody. Nansen analysts previously noted an increased accumulation of FET by smart money wallets, and distribution data shows a gradual decrease in balances on centralized exchanges for the top five FET addresses.
Hot Take: Whales Show Confidence in These Four Tokens
The accumulation of Maker (MKR), Aave (AAVE), Immutable (IMX), and Fetch.AI (FET) by whale wallets suggests that these tokens have caught the attention and confidence of large-scale investors. The movement of tokens from centralized exchanges to self-custody solutions indicates a long-term investment strategy, further solidifying the belief in the potential growth and value of these assets. As these whales continue to accumulate, it will be interesting to see how these four tokens perform in the market and whether their popularity among institutional investors grows even further.
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