Corporate whales have been very active in the past few hours, making significant sales in six different altcoins, including Avalanche (AVAX)!
While Bitcoin and altcoins saw a decline at the start of the day, BTC dropped below $61,000 once again. This decline in BTC also had an impact on altcoins, leading to a selling spree among corporate whales.
According to the on-chain analyst The Data Nerd, Galaxy Digital deposited $14.72 million worth of Avalanche (AVAX) to Binance. Meanwhile, GSR Markets, another important market maker, deposited 300,000 Chainlink (LINK) to Binance. Additionally, large whales sold LDO, AAVE, UNI, and FXS, causing their prices to drop.
The whales sold a total of $13.42 million worth of these altcoins on Binance. This selling activity resulted in substantial losses and led to a domino effect on the market prices.
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