In a notable development in the cryptocurrency market, LayerX Capital and three other whales collectively deposited a significant amount of Polygon (MATIC) tokens to popular exchanges Binance and Coinbase in the last 12.53 hours. As these transactions occur, the moves are expected to have a significant impact on MATIC prices. Here are the details…
LayerX Capital transferred 3 million MATIC from Binance
LayerX Capital recently deposited 3.62 million MATIC tokens (equivalent to $3.31 million) on Binance at $0.91. This follows the accumulation of 14.2 million MATIC from Wintermute Trading and Binance on December 7 and 8, 2021 and June 21, 2023, at an average purchase price of $2.10. Notably, the company staked these tokens and sold 0.878 million MATIC for $8.50 million at an average price of $7.47. Currently, LayerX Capital still has 7.18 million MATIC tokens on the Polygon network.
🚨 LayerX Capital and Whales deposited 12.53M $MATIC ($11.33M) to #Binance and #Coinbase in the past 10 hours.
1. LayerX Capital deposited 3.62M $MATIC ($3.31M) to Binance at $0.916 ~10hrs ago.
– The VC still stakes 7.18M $MATIC ($6.38M) with #Polygon.
– Estimated total loss:… pic.twitter.com/YRr5Lx01ck
— Spot On Chain (@spotonchain) December 10, 2023
LayerX Capital’s total estimated loss from MATIC is 17.5 million tokens, reflecting a significant decline of 58.1%. Of this, a realized loss of $10.4 million was recorded, underlining the difficulties faced in navigating the volatile crypto market. Two whales, likely associated with the same organization (0x2e9 and 0xdb6), jointly deposited 5.27 million MATIC tokens (worth $4.80 million) on Binance at an average price of $0.910. The use of a common deposit address indicates a connection between the two. When the purchased and deposited prices are examined, it appears that the whales made a small profit of $36,115.
Balina also transfers coins to Coinbase
Another whale, identified as 0x5d7, deposited 3.64 million MATIC tokens (equivalent to $3.22 million) to Coinbase at a rate of $0.886. Notably, these tokens were deposited on Coinbase on November 22, 2023 at an average price of $0.743. If sold at current prices, the whale would make a significant profit of $521k, representing a significant gain of 19.1% in just over two weeks.
Galaxy sends ETH to OKX
According to tracking by The Data Nerd, Galaxy recently deposited 3,000 ETH (amounting to $7 million) to OKX and has deposited a total of 20,237 ETH ($46.88 million) to the trading platform in the last seven days. This ongoing activity underscores Galaxy’s significant participation in the OKX ecosystem. These strategic moves by LayerX Capital and various whales, combined with the dynamic actions of Hermez Network and Galaxy, add layers of complexity to the current state of the cryptocurrency market. As the crypto world continues to evolve, market participants are closely monitoring further developments and their potential impact on prices and market trends.
6 hours ago, @galaxyhq deposited another 3K $ETH ($7M) to #okx.
In the last 7D, they have deposited a total of 20237 $ETH ($46.88M) to exchanges. pic.twitter.com/g6gUezAMfD
— The Data Nerd (@OnchainDataNerd) December 10, 2023
