In the cryptocurrency world, short selling of whales continues. So what to expect next? Is a significant price action starting to come? Let’s look at the details together.
Cryptocurrency whales on the move
A whale address starting with 0x34d recently unstacked 512,000 HOOKs. He also quickly transferred them to Binance. This address had accumulated 1.08 million HOOKs at an average price of $1.02 between June 20-22 and staked them all. This address, which still holds 577,000 HOOKs, continues to be an important player in the market.
Lookonchain, on the other hand, put AAVE and ETH on target. It has identified an anonymous whale address that appears to have engaged in short selling activities on its Aave platform. This address has borrowed 339,448 USDC from Aave. He has also purchased 5,091 AAVE at $66.67 and deposited the tokens on the Aave platform. Since April 6, this whale address has been actively buying AAVE. He purchased a total of 35,672 tokens worth about $2.64 million at an average price of $73.92. In a recent swap, the address replaced 10,580 aEthAAVE with 284 aEthwstETH. Accordingly, it resulted in a current ownership of 25,091 AAVEs on the Aave platform worth approximately $1.67 million.
another move
Shifting the focus to COMP, Lookonchain discovered an intriguing transaction on June 25. An address starting with “0xC33” has deposited 31,500 COMP on Binance. The amount invested is equivalent to approximately $1.24 million. It is noteworthy that this address previously transferred 9,201 COMP to the trading platform during the increase in COMP. These COMP tokens are sourced from Robinhood wallet hosted by Jump Trading.
What does short selling of whales mean?
The active participation of these whale addresses in the market highlights the significant impact they can have on prices and market dynamics. As the cryptocurrency ecosystem continues to evolve, such transactions need to be monitored. cryptocoin.comWhen we look at it as a whole, analyzing the movements provides valuable information for both investors and enthusiasts.
In the world of cryptocurrencies, short selling of whales usually refers to large sales transactions by individuals or organizations with large assets. These whales can influence prices by selling their cryptocurrencies to the market. Short selling of whales creates selling pressure in the market and can push prices down. This may increase the tendency to panic and sell among investors. Short selling is often associated with price drops. It also marks a period of increased selling pressure on an asset.
