On-chain data provider Spot On Chain has issued a warning about dYdX (DYDX), which is ranked fourth in the list of Smart Money Market Cap representing cryptocurrencies that large investors are exiting. This raises the question of what this means for the altcoin.
This indicates that crypto whales have transferred a significant amount of this altcoin to cryptocurrency exchanges. According to on-chain data, three crypto whales have transferred 4.08 million DYDX, worth $13.9 million, to cryptocurrency exchanges in the past 12 hours.
A wallet address believed to belong to Amber Group, one of the prominent names in the crypto market, deposited approximately 2.37 million DYDX, worth $8.04 million, to Binance at an average purchase price of $3.39 about 8 hours ago. Since the unlocking of tokens on December 1, this whale has transferred 9.2 million DYDX, worth $29.8 million, to Binance.
In addition, it was discovered that the crypto VC firm CMS Holdings transferred 516,023 DYDX, worth $1.73 million, to Binance 15 hours ago, and it was found that the VC no longer holds DYDX on the Ethereum Blockchain.
Another wallet address deposited approximately 1.2 million DYDX, worth $4.09 million, to the cryptocurrency exchange Kraken at an average purchase price of $3.41 about 8 hours ago. Data indicates that the owner of this wallet address made a profit of $274,000 in just 2 days.