Whale Transfers Signal Sell Pressure for Key Altcoins on Exchanges

Whale Sell-Off Signals Market Volatility for Altcoins

Altcoin transfers to centralized exchanges have spiked, indicating potential sell-offs by large holders. This could trigger short-term price retracements for major altcoins.

Despite Bitcoin's recent bullish trend, altcoins remain vulnerable to market corrections. Transfers of significant amounts to exchanges suggest that whales plan to liquidate some of their holdings.

Notably Transferred Altcoins

According to Santiment's Centralized Exchange Deposits Dashboard, substantial transfers include Eigenlayer ($2.8M), Ethena ($2.5M), Worldcoin ($2.0M), Wrapped Bitcoin ($4.8M), Pepe ($3.0M), and Chainlink ($1.8M).

Chainlink Defies Trend

Amidst the downward pressure, Chainlink has bucked the trend, rising 21.93%. This suggests that it may not be as susceptible to the sell-offs affecting other altcoins.

Investors are advised to monitor these projects closely for signs of price retracements. With large altcoins experiencing significant shifts, short-term volatility is likely.