The altcoin market has witnessed significant movements in the last 24 hours, with massive withdrawals of key cryptocurrencies from exchanges by several whales, which has significantly impacted their prices.
In a report provided by Spot On Chain, it is revealed that around 3.02 million tokens of Worldcoin (WLD) have been removed from exchange platforms.
Large players such as Amber Group and a user known as 0xbd8 made significant withdrawals, totaling approximately 3.02 million WLD withdrawn from the market.
🚨🚨 Market makers withdrew 3.02M $WLD ($7.61M) from exchanges in the past 4 hours.
1. Amber Group withdrew 2.02M $WLD ($5.09M) from #OKX ~45 mins ago.
2. Whale 0xbd8 (likely an MM) withdrew 1.0M $WLD ($2.52M) from #Binance ~4hrs ago.
The negative spikes in #SpotOnChain's CEX… pic.twitter.com/JQUBofsVEu
— Spot On Chain (@spotonchain) December 14, 2023
This move not only reduced the availability of WLD on exchanges, but also boosted its price by more than 10%, placing it at around $2.60 at the time of the report, according to official data from CoinMarketCap.
Apecoin (APE) also attracted the attention of large investors, with a multisig user identified as 0xb4e accumulating a total of 6.02 million tokens APE in the last 8 days.
🚨 $APE surged by ~11% in the last 8 hours!
Multisign whale 0xb4e accumulated 3M $APE ($5.31M) from exchanges via #GSRMarkets and #Cumberland.
In total, the whale accumulated 6.02M $APE ($10.3M, avg price: $1.72) in the past 8 days.
Estimated unrealized profit: $626K… pic.twitter.com/K0YS3Uj913
— Spot On Chain (@spotonchain) December 14, 2023
This massive increase in the holding of APE by whales was reflected in a 14% increase in its price in a period of 8 hours, reaching $1.9 per token.
Despite a slight correction, APE’s weekly performance tilted positively by 14.5%.
Other Altcoins, like Chainlink (LINK) also experienced considerable movements
One savvy investor withdrew over 218,000 LINK tokens, valued at approximately $3.23 million, from Coinbase, bringing the total to 751,050 LINK in his wallet, valued at over $11 million.
🚨 Smart whale 0x54f withdrew 218,049 $LINK ($3.23M) from #Coinbase ~50 mins ago.
Currently, the whale holds 751,050 $LINK ($11.1M).
And has an estimated cumulative profit of $6.7M from two $LINK trading cycles.
👉 More details: https://t.co/6L4x1ANIK2
Need the beta code?… https://t.co/32DOQv5Cva pic.twitter.com/ENh6UbwIDr
— Spot On Chain (@spotonchain) December 14, 2023
Despite registering a 7% increase in its price during the day, reaching $15.2, LINK showed a slight increase of 2% in its weekly performance.
These whale movements, withdrawing large amounts of WLD, accumulating APE and withdrawing LINK from exchanges, have generated a significant impact on the prices of these altcoins.
The recent movements of whales in the crypto market raise an interesting range of possibilities.
These movements, which could suggest strategies such as withdrawal of assets for long-term holding, participation in staking or even transfer to other exchanges for sale, generate a crucial point of reflection.
It is well known that a decrease in available supply often correlates with an increase in prices in the world of cryptocurrencies.
The underlying logic is simple: as supply reduces, relative demand tends to stay the same or increase, putting pressure on the rise in prices.
This dynamic suggests that whales strategic decisions to withdraw or accumulate assets may, in fact, significantly influence the valuation of currencies in the market.
