Corporate giants have been vigorously active in recent trading hours, notably making substantial sales across six different altcoins, including Avalanche (AVAX).
As Bitcoin and various altcoins commenced the day on a downturn, BTC dipped below the $61,000 mark once more. This decline in BTC had a cascading effect on altcoins, prompting corporate whales to engage in significant selling activities.
According to insights from on-chain analyst The Data Nerd, Galaxy Digital transferred approximately $14.72 million worth of Avalanche (AVAX) to Binance. Simultaneously, GSR Markets, a prominent market maker, deposited 300,000 Chainlink (LINK) tokens, valued at $4.37 million, into the same exchange.
In addition to these transfers, large institutional investors reportedly sold substantial amounts of various altcoins at a loss. According to reports by Lookonchain, these transactions included 3.13 million Lido (LDO) tokens amounting to $5.77 million, 49,771 Aave (AAVE) tokens worth $4.54 million, 269,177 Uniswap (UNI) tokens totaling $2.41 million, and 250,969 Frax (FXS) tokens valued at $708,000.
This series of sales exerted downward pressure on the prices of LDO, AAVE, UNI, and FXS. The actions were part of broader market maneuvers following substantial purchases of ETH and tokens within the Ethereum ecosystem post-approval of the SEC’s 19b-4 form for the ETH ETF in late May.
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*Disclaimer: This content does not constitute investment advice.
