Bitcoin has recovered over the last day after gaining momentum from the Valkyrie Ethereum ETF news and pulling up the likes of the MATIC price. This has led to a rare green day for the cryptocurrency market in as many months but MATIC may not be able to hold as well as other altcoins as whales make their move.
Whales Move Tens Of Millions To Exchanges
The first notable whale transaction involving MATIC was flagged by Lookonchain on Wednesday. The transaction was carrying 10.78 million tokens at the time worth around $5.5 million.
Mostly, it was the destination of these tokens that was important which turned out to be the Binance crypto exchange. The whale looked to have deposited the tokens to sell them as the MATIC price had taken a quick 3% dive following the deposit.
A whale deposited a total of 10.78M $MATIC ($5.5M) into #Binance in the past 26 hours and the price of $MATIC decreased by 3%.
The whale currently has 2.72M $MATIC($1.37M) left.https://t.co/C4VNQ1QDq9 pic.twitter.com/8J
We współpracy z: https://www.newsbtc.com/analysis/matic-analysis/matic-price-rally-whales/
