$AVAX — here it already starts to smell like distribution.
In just 30 minutes, six major exchanges received over 124K $AVAX for a total amount exceeding $1.1M.
Wintermute separately sent 44K $AVAX worth $422K directly to Gate.
At the same time, moves went out through Kraken and Bitstamp, and then large deposits appeared on Upbit, Coinbase, and Binance.
What catches me most here is the synchronicity.
When large market-makers start simultaneously injecting liquidity into multiple exchanges after AVAX moves to local highs, I wouldn’t ignore the sell-side anymore.
This doesn’t yet guarantee a reversal, but for me this kind of flow looks like a signal to be more cautious about continuing the uptrend.
Right now, I’d be closely watching how the price reacts to this volume.
In just 30 minutes, six major exchanges received over 124K $AVAX for a total amount exceeding $1.1M.
Wintermute separately sent 44K $AVAX worth $422K directly to Gate.
At the same time, moves went out through Kraken and Bitstamp, and then large deposits appeared on Upbit, Coinbase, and Binance.
What catches me most here is the synchronicity.
When large market-makers start simultaneously injecting liquidity into multiple exchanges after AVAX moves to local highs, I wouldn’t ignore the sell-side anymore.
This doesn’t yet guarantee a reversal, but for me this kind of flow looks like a signal to be more cautious about continuing the uptrend.
Right now, I’d be closely watching how the price reacts to this volume.
