The post Whale Dumps $13.5 Million of Virtual Protocol (VIRTUAL): Report appeared on BitcoinEthereumNews.com.

Amid the ongoing market recovery, Virtual Protocol’s native token, VIRTUAL, is gaining widespread attention due to its massive price momentum over the past 24 hours. On January 31, 2025, for the first time in the year, the asset witnessed a price rally of over 50%. $13.5 Million Worth VIRTUAL Inflow  However, this massive upside rally attracted significant attention from investors, whales, and traders, resulting in the token losing the majority of its gains. Data from the on-chain analytics firm Coinglass revealed that as the price soared, long-term holders, whales, and investors saw this as a perfect sell-off opportunity and began selling their VIRTUAL tokens. Source: Coinglas On-chain metrics inflows/outflows revealed that exchanges across the cryptocurrency landscape have witnessed an inflow of a massive $13.5 million worth of VIRTUAL tokens. This inflow suggests a potential sell-off by investors amid the massive upside rally, which could lead to sell-off pressure and a further price drop. However, VIRTUAL witnessed a price decline and experienced selling pressure. Current Price Momentum  The asset is trading near $2.15 and is currently holding only a 1.85% gain in the past 24 hours. At one point today, this gain was over 50%. During the same period, due to heavy participation from investors and traders, VIRTUAL’s trading volume surged by 280%, indicating huge participation. Traders’ $8.30 Million Bets on Short Side But looking at the current market sentiment, not only investors but also traders have started betting on the bearish side, which has completely shifted the market sentiment. Source: Coinglass Data from Coinglass revealed that the $2.396 level is where short-sellers are over-leveraged, holding a significant $8.30 million worth of short positions. Meanwhile, bulls seem to be exhausted, as they are over-leveraged at the $2.125 level, where they hold $2.14 million worth of long positions, which is one-fourth of…

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Filed under: News - @ January 31, 2025 8:24 pm