Investors are running out of patience as the altcoin market has been struggling under tough conditions for over two years. While current on-chain reports show that early investors are now turning to profit-taking, well-established cryptocurrencies are coming to the fore again.
This altcoin drifts to new lows with early investor sell-off
Lybra Finance (LBR) price is currently down around 10% from the last 24 hours. The sharp decline came after the day’s sale of $389,000. An early LBR investor turned it all into profit today after accumulating 337,000 LBRs since May. On-chain tracker Spotonchain reports that the altcoin price has dropped over 5% with this sale:
The initial backer of Lybra Finance, 0x675, pulled back and sold all 169,000 LBRs for 204,000 USDC at $1.2 about 2 hours ago, causing the price to drop by about 5% after the sale. Specifically, since May 1st, the investor has requested a total of 337k LBR as rewards and sold them all for $389k worth of USDC, ETH and MKR.
🚨Early supporter 0x675 of @LybraFinanceLSD withdrew and sold all 169K $LBR for 204K $USDC at $1.2 on avg ~2hrs ago, causing the price to drop by nearly 5% post-sales.
Notably, the trader had claimed a total of 337K $LBR as rewards since May 1, and sold them all for $389K worth… pic.twitter.com/wbD5fiAqMk
— Spot On Chain (@spotonchain) September 1, 2023
Lybra Finance (LBR) is an Ethereum-based loan protocol. As can be seen in the chart below, it has bottomed out in the $1.2 region after the sell-off earlier today.
Speculation about XRP transfers grows
Another notable whale transaction came from Whale Alert’s new on-chain report. Whale tracker reports that an anonymous whale has withdrawn 66,666,659 XRP from Binance worth approximately $33,065,809. The transfer has sparked speculation about its potential impact on the altcoin price.
cryptocoin.com As we reported, the XRP ecosystem has witnessed a serious transfer by Ripple recently. 300 million XRP worth about $146,927,854 and an additional 500,000,000 XRP worth about $244,748,526 flowed through the company’s wallets.
🚨 🚨 66,666,659 #XRP (33,065,809 USD) transferred from #Binance to unknown wallethttps://t.co/OwwbvEdBNs
— Whale Alert (@whale_alert) September 2, 2023
These transfers come amid the ongoing legal battle between Ripple and the SEC. Ripple’s legal representatives recently issued a response to the SEC regarding an appeal by Judge Analisa Torres against the July ruling that XRP was not a security when sold to the public.
Ripple’s legal team argued that the prerequisites for the interim appeal were not met. He urged the court to either reject the appeal or stay the execution. You can take a look at the details of the appeal process in this article.
Altcoin sector suffers from sell-off, meanwhile BTC is accumulating
While the altcoin market is busy with whale sales or preparations, IntoTheBlock’s head of research pointed to the growing backlog for Bitcoin. According to their analysis, the whale added significantly to their wallets during the last drop.
According to data from IntoTheBlock, addresses that represent at least a 0.1% slice on the Bitcoin network, worth over $500 million, have impressively increased their holdings in the last two weeks of August. During this period, these addresses have incorporated more than $1.5 billion worth of Bitcoin in total.
Details of the analysis show that the whales have returned most of their gains with the recent decline.
