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- A crypto whale, likely an exchange, unloaded over $55 million worth of The Graph (GRT), an Ethereum-based indexing protocol, leading to a price slump, as per Santiment’s analysis.
- Ethereum itself is grappling with maintaining its price as ETH holders are quick to take profits, even following a moderate rally in the past week.
A crypto giant recently impacted the price trajectory of The Graph (GRT), an Ethereum (ETH)-based indexing protocol, according to crypto analytics firm, Santiment. The firm’s data indicates that a colossal player, presumed to be a cryptocurrency exchange, liquidated over $55 million worth of GRT, initiating a downturn in the token’s price.
“The Graph witnessed a moderate price correction post a large-scale offloading of $55.3M worth of GRT by a multi-asset whale, as captured by Santiment’s data. Observing altcoins transitioning into self-custody is crucial, and it’s advisable to steer clear of those demonstrating substantial inflows to exchanges,”
suggested Santiment.
The large-scale investor, often referred to as a ‘whale’, unloaded their GRT assets when the price was at $0.130. Subsequent to this event, The Graph’s trading price dropped to $0.128, accentuating the bearish outcome of the massive sell-off.
Simultaneously, Ethereum seems to be battling to uphold its price structure. Ethereum holders, evidently, are keen on capitalizing on their gains swiftly, even in the aftermath of a relatively mild rally over the previous week.
“Ethereum is witnessing a surge in profit-taking transactions following a slight +5% price increment over the past week. Ideally, we desire a larger number of traders holding on, and a downward shift in this ratio could signal ETH moving towards the $2,000 mark,”
stated Santiment.
Focusing on Bitcoin, the crypto asset with the largest market capitalization, Santiment suggests a potential rebound. Especially given the recent decision by the US government to raise the debt ceiling — a move generally interpreted as bullish by analysts.
“The US House has approved a crucial debt ceiling deal, propelling the S&P500 to its highest price since last August. Altcoins such as LTC, LEO, and FGC have shown upward trends today. With crypto trailing behind equities, there could be some catch-up time for BTC on the horizon,”
predicted the firm.
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