Corporate Whales Have Been Active in Recent Hours: They Made Large Sales in 6 Different Altcoins, Including Avalanche (AVAX)!

While Bitcoin and altcoins started the day with a decline, $BTC fell below $ 61,000 again. While this decline in $BTC also affected altcoins, whales also went into selling mode.

Corporate Whales Switched to Sales Mode!

According to first shared by on-chain analyst The Data Nerd, Galaxy Digital deposited $14.72 million worth of Avalanche ($AVAX) to Binance.

Accordingly, an address from Galaxy Digital deposited 520,000 $AVAX ($14.72 million) worth $14.72 million to Binance.

Previously, this address, owned by Galaxy Digital, deposited 498 $BTC.B and borrowed 520,000 $AVAX on the $AAVE lending protocol.

While institutional investors' sales continue, important market maker GSR Markets, apart from Galaxy Digital, also deposited 300 thousand Chainlink ($LINK) to Binance.

Again, according to The Data Nerd's post, an address suspected to belong to GSR Markets and starting with 0x4E2 received 300,000 $LINK (worth $4.37 million) from a multi-signature wallet.

This address then deposited all of these $LINK to Binance.

11 hours ago, @GalaxyDigital deposited 520k $AVAX (~$14.72M) to #Binance.

Yesterday, they staked 498 $BTC.B into #$AAVE and borrowed 520k $AVAX.

Address:https://t.co/MD4R3KD7b3https://t.co/n4W8ZY4cqt pic.twitter.com/AEVOcE2K8K

— The Data Nerd (@OnchainDataNerd) July 3, 2024

Whales Are Selling at a Loss!

Finally, giant whales also sold large amounts of altcoins. According to Lookonchain's post, whales sold $LDO, $AAVE, $UNI and FXS.

Accordingly, these whale wallets sold $13.42 million to Binance.

“The whale/institution sold 3.13 million $LDO ($5.77 million), 49,771 $AAVE ($4.54 million), 269,177 $UNI ($2.41 million) and 250,969 FXS ($708 thousand) at a loss.

This caused the prices of $LDO, $AAVE, $UNI and FXS to fall.

This whale spent more than $73 million purchasing $ETH and Ethereum ecosystem tokens following the approval of the SEC form 19b-4 for the $ETH ETF at the end of May.

He sold most of the tokens and was left with only 3.33 million $LDO ($5.83 million) and 31,191 $AAVE ($2.8 million).

Total profit is now $2.87 million.

“He gained 7.29 million in $ETH, lost 3.23 million in $LDO, and lost $1.1 million in $AAVE.”

Today this whale/institution sold 3.13M $LDO($5.77M), 49,771 $AAVE(4.54M), 269,177 $UNI($2.41M) and 250,969 $FXS($708K) at a loss.

This caused the prices of $LDO, $AAVE, $UNI, and $FXS to drop.

This whale spent more than $73M to buy $ETH and #Ethereum ecosystem tokens after the… pic.twitter.com/am8PG1pozE

— Lookonchain (@lookonchain) July 3, 2024

*This is not investment advice.