Are whales hoarding these four signs?

On-chain analysis platform “Lookonchain” posted on X (Twitter) some hot wallets are accumulating four tokens – Maker (MKR), Aave (AAVE), Immutable (IMX) and Fetch.AI (FET) .

On-chain analytics tools allow users to sneak peeks at whale movements. This is because blockchain is a public ledger technology that allows for transaction transparency.

Withdrawals from centralized exchanges generally indicate that the person is unwilling to sell the tokens any time soon. In most cases, people transfer crypto from centralized exchanges to self-storage solutions with the intention of holding them.

But when people transfer their crypto from self-regulation to a centralized exchange, they can sell the coins.

Centralized exchange will reduce the supply of tokens among whale stocks

GHOST

Lookonchain posted on X (Twitter) 0x04e9 47,096 AAVE tokens from Binance for $4.7 million. Moreover, the Netflows data from IntoTheBlock indicates that the holders were withdrawing the tokens from Central Exchanges (CEXs).

IntoTheBlock explains Netflows:

“Network Flow represents the difference between tokens entering an exchange minus those leaving exchanges. “Organized Exchanges” refers to all supported exchanges. The exchange represents the net increase/decrease in holdings of exchanges over a period of time.”

So, the screenshot below shows that the centralized balance of exchanges has decreased by more than 44,570 AAVE in the last 30 days. Conversely, the balance on CEXs increased by 22,620 AAVE in the last 24 hours.

Read more: 8 best on-chain analysis tools in 2023

MSEK

Along with AAVE, 0x04e9 wallet issued 2,251 MKR tokens worth $3.18 million. This data from Nansen shows that smart money wallets monitored by the platform have received nearly $65,000 worth of MKR tokens in the last 24 hours.

Nansen's distribution graph shows that in 2023, the amount of MKR tokens held by five major addresses on Central Exchanges (CEXs) has steadily decreased.

Read more: A comprehensive guide to tracking smart money in the Crypto market

SMEs

Three hot wallets have withdrawn 2.57 million IMX tokens worth $6.33 million from Binance. Lookonchain believes these wallets belong to the same person.

Moreover, the token balance on central exchanges decreased by 3.69 million IMX in the last 24 hours.

Newly created wallet – 0x6e8c transferred 1.57 million FET tokens from Gateio to self-storage. FET tokens are valued at over $1 million.

Previously, a Nansen analyst told BeinCrypto that FET stocks have increased in smart wallets. Also, the distribution data show that the balance of the five FET addresses gradually decreases with CX.

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