Who would dump a full 200 million $TRX into Binance at daybreak?
Around 6:46 a.m. Beijing time today, Whale Alert reported a large transfer: 200,000,998 $TRX were moved from an unknown wallet to Binance, worth about $63.7 million at the time.
A few things about this transfer caught my attention.
First, its origin is unclear. The sending address has no labels, so it’s impossible to tell whether it belongs to an institution or a wallet that’s been dormant for years.
Second, its destination is pretty telling: coins moved from an on-chain wallet to an exchange, most commonly to be listed for sale.
Third, the size. More than $60 million arriving all at once is no small amount for the TRX order book.
The Binance TRXUSDT perpetual contract is currently marked around $0.3195, with the funding rate close to zero. Neither bulls nor bears have really shown their hand yet. Next, we’ll see whether these coins hit the order book and get dumped.
I’m leaning bearish this time. Tens of millions of dollars’ worth of tokens are heading straight toward the sell side, so watch out for short-term selling pressure. If you’re looking to buy the dip, don’t rush in.
For beginners, it’s best to watch more and trade less. If you’re buying crypto, stick to $BTC .
Around 6:46 a.m. Beijing time today, Whale Alert reported a large transfer: 200,000,998 $TRX were moved from an unknown wallet to Binance, worth about $63.7 million at the time.
A few things about this transfer caught my attention.
First, its origin is unclear. The sending address has no labels, so it’s impossible to tell whether it belongs to an institution or a wallet that’s been dormant for years.
Second, its destination is pretty telling: coins moved from an on-chain wallet to an exchange, most commonly to be listed for sale.
Third, the size. More than $60 million arriving all at once is no small amount for the TRX order book.
The Binance TRXUSDT perpetual contract is currently marked around $0.3195, with the funding rate close to zero. Neither bulls nor bears have really shown their hand yet. Next, we’ll see whether these coins hit the order book and get dumped.
I’m leaning bearish this time. Tens of millions of dollars’ worth of tokens are heading straight toward the sell side, so watch out for short-term selling pressure. If you’re looking to buy the dip, don’t rush in.
For beginners, it’s best to watch more and trade less. If you’re buying crypto, stick to $BTC .
