The post Cartesi Whale Deposits 24 Million CTSI Tokens To Binance, Sign Of Plunge? appeared on BitcoinEthereumNews.com.

A Cartesi whale’s recent action has gained huge attention from the crypto community as a trader dumped almost a quarter billion worth of CTSI tokens yesterday. This massive sale raised questions among traders and investors about the health situation of the Cartesi market and why the whale is dumping his CTSI holdings. According to a crypto analyst on the X platform, the whale sold 24 million Cartesi (CTSI) tokens (worth $3.59 million) to Binance yesterday. Data shows that the tokens sold are worth 2.85% of CTSI’s circulating supply. The whale still has 10 million CTSI tokens (worth $1.52 million) in his wallet. This is a negative sign for the CTSI market. Whenever an exchange reserve increases, it causes selling pressure and triggers a price reduction. However, such massive dumping happens when the overall crypto markets are in a dip since the beginning of this month. Why are investors dumping CTSI? The move by the whale to sell part of CTSI holdings happened at a time when the uptrend momentum of the broader markets cooled down. There is no other report about whales engaging with Cartesi in the recent past, apart from the case above. The trader’s activity could have been part of a profit-taking agenda or a portfolio diversification strategy. However, huge sales from whales normally can cause concerns among retail investors and even drive prices down. CTSI’s trading volume has been down 14.40% to 12.6 million in the last 24 hours, indicating a recent decrease in market activity. The decrease in trading volume reinforces the idea that the downward movement is influenced by selling pressure. However, market dynamics are part of the reason for CTSI’s moderate downward movement. Most digital assets, including BTC and altcoins, are currently in decline as part of the wider market correction, triggering panic selling…

---

Filed under: News - @ December 24, 2024 1:17 am