Cryptocurrency analysis company Santiment shared in its latest post that it has observed an increase in transfers made by whales to centralized crypto exchanges in some altcoins.
According to the Centralized Exchanges Deposit Transactions Panel, the altcoins that whales transferred the most to centralized exchanges include Eigenlayer ($2.8 million), Ethena ($2.5 million), Worldcoin ($2 million), Wrapped Bitcoin ($4.8 million), Pepe ($3 million), and Chainlink ($1.8 million). Although these transfers are small compared to the market value of the tokens, they are notable because most of them took place in just one day and are at the top of the rankings.
According to Santiment, when a significant amount of an altcoin’s supply is suddenly sent to cryptocurrency exchanges, it could indicate that certain whales are looking to sell some of their coin holdings. According to analysts, while Bitcoin’s rally may minimize the whale effect on these altcoins, these tokens could still pose a risk of pullback, at least in the short term.
*This is not investment advice.
