Whales and Institutions Dump $PENDLE, $LDO, and $BNB, Signaling Bearish Market Sentiment

A significant whale, previously the second-largest holder of $PENDLE, has begun selling their holdings at an accelerated pace.

A significant whale, previously the second-largest holder of $PENDLE, has begun selling their holdings at an accelerated pace.

In the past 12 hours, this whale transferred 489,000 PENDLE tokens (approximately $1.96 million) to Binance, netting an estimated profit of $1.78 million, with a cost basis of $0.35 and a transfer price of $4.

Aunt Ai’s analysis revealed that the address 0xb26…81ED0, linked to these transactions, had previous financial interactions with Grayscale. This suggests that the seller might be an institutional entity. Over the past three months, this institution has offloaded a total of 3.44 million PENDLE tokens, valued at $15.38 million.

Investment firm Arca is also suspected of liquidating its recent holdings in $PENDLE, $LDO, and $BNB, purchased two weeks ago. If sold, these transactions would yield a combined profit of $636,000.

The specifics of Arca’s transactions are as follows:

The total value of these liquidated altcoins amounts to $8.92 million. Notably, the LDO and PENDLE tokens were transferred to the exchange seven hours ago, while the BNB tokens were transferred five days ago.

This wave of selling activity by major holders and suspected institutions highlights a bearish sentiment around $PENDLE, $LDO, and $BNB, potentially impacting market dynamics. The swift liquidation by these entities suggests strategic profit-taking, reinforcing the need for investors to stay vigilant in monitoring whale movements and institutional activities in the cryptocurrency market.

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