The post Whale Activity Sparks Sell-Off Worries for Altcoins appeared on BitcoinEthereumNews.com.

Large altcoin transfers signal potential whale sell-offs and market volatility. Bitcoin’s bullish momentum may not shield altcoins from short-term retracements. Chainlink bucks the trend, rising 21.93% while other altcoins face declines. Data from Santiment’s Centralized Exchange Deposits Dashboard reveals substantial altcoin transfers to exchanges, indicating potential sell pressure from whales. This suggests that large holders plan to sell some of their holdings. Investors should closely monitor these projects for signs of short-term price retracements as some of the market’s largest altcoins experience significant shifts. Despite Bitcoin’s bullish momentum, these altcoins remain susceptible to market corrections. 🐳 According to the @santimentfeed Centralized Exchange Deposits Dashboard, some of the largest trasnfers of altcoins include Eigenlayer ($2.8M), Ethena ($2.5M), Worldcoin ($2.0M), Wrapped Bitcoin ($4.8M), Pepe ($3.0M), and Chainlink ($1.8M). When large levels of an asset’s… pic.twitter.com/TE6Hgz2oYQ — Santiment (@santimentfeed) December 2, 2024 Notable Altcoin Transfers to Exchanges Among the altcoins with the most significant transfers are Eigenlayer, Ethena, Worldcoin, Wrapped Bitcoin, Pepe, and Chainlink. Eigenlayer recorded a $2.8 million transfer, Ethena $2.5 million, and Worldcoin $2.0 million. Moreover, Wrapped Bitcoin had a significant $4.8 million shift, while Pepe and Chainlink followed with $3.0 million and $1.8 million, respectively. These figures indicate a substantial increase in liquidity moved onto exchanges, often signaling a whale’s intention to sell.  Impact on Market Sentiment Large transfers to exchanges can often precede price declines, especially when accompanied by selling activity. When whales move assets, it can create volatility, leading to potential sell-offs. In the case of these altcoins, although Bitcoin’s strong performance may mitigate the risk of major drops, these assets may still face temporary retracements. Therefore, investors should be cautious when entering positions in these projects, particularly if large transfers continue. Additionally, these significant transfers could lead to increased volatility, making these altcoins susceptible to sharp price…

---

Filed under: News - @ December 3, 2024 7:23 am