Corporate whales have been actively trading in recent hours, notably engaging in substantial sell-offs across various altcoins, including Avalanche (AVAX).
As the day commenced, both Bitcoin and altcoins experienced declines, with BTC dipping below $61,000 once more. This downward trend influenced altcoins, coinciding with increased selling activities by corporate whales.
Galaxy Digital, as reported by on-chain analyst The Data Nerd, deposited $14.72 million worth of AVAX to Binance from one of its addresses. Earlier, this same address had staked 498 BTC.B and borrowed 520,000 AVAX via the AAVE lending protocol.
In parallel, market heavyweight GSR Markets, alongside Galaxy Digital, deposited 300,000 Chainlink (LINK) to Binance. The transaction, initiated from an address beginning with 0x4E2 and suspected to be associated with GSR Markets, stemmed from a multi-signature wallet.
Moreover, significant whale entities executed large-scale sales of altcoins. According to insights from Lookonchain, these sales totaled $13.42 million on Binance. Notably, the whales sold 3.13 million LDO ($5.77 million), 49,771 AAVE ($4.54 million), 269,177 UNI ($2.41 million), and 250,969 FXS ($708 thousand) at a loss, contributing to price declines across LDO, AAVE, UNI, and FXS.
The aforementioned actions by whales and institutional investors underscore their recent trading strategies amidst market shifts.