$DYDX, the Ethereum-based token, witnessed a notable shift in its dynamics after the recent token unlock event on December 1.
With 150 million $DYDX tokens, equivalent to around $485 million and representing 83.2% of the circulating supply, being unlocked, the token’s Smart Money Outflow ranking on SpotOnChain rose to the 4th position. This shift was attributed to significant movements by large-scale whales, directing funds toward centralized exchanges (CEX).
🚨 $DYDX ranks 4th in #SpotOnChain's Smart Money Outflow, with a large flow to CEX from whales.
Notably, three whales deposited 4.08M $DYDX ($13.9M) to exchanges in the last 12 hours:
1. Whale 0xb0d (likely @ambergroup_io) deposited 2.37M $DYDX ($8.04M, avg price: $3.39) to… pic.twitter.com/sThSY3uKHd
— Spot On Chain (@spotonchain) December 3, 2023
In the aftermath of the token unlock, three major whale transactions resulted in a total deposit of 4.08 million $DYDX tokens, valued at $13.9 million, onto various exchanges.
Major DYDX Whale Movements To Watch
A whale identified as 0xb0d, potentially linked to @ambergroup_io, made a noteworthy deposit of 9.2 million $DYDX tokens, amounting to $29.8 million, into Binance since the unlock on December 1. Currently holding 3.26 million $DYDX tokens valued at $11.27 million, there’s speculation about further deposits into Binance.
🚨 Two addresses related to Amber Group (@ambergroup_io) transferred out 4.06M $DYDX ($13.8M) to #Binance in the past 8 hours.
1. Whale 0xb0d deposited the last 3.26M $DYDX ($11.1M, avg price: $3.41) to #Binance in the past 8 hours.
– Total deposited amount to #Binance since… https://t.co/qDil2OEQSh pic.twitter.com/e4ud3M9lIP
— Spot On Chain (@spotonchain) December 4, 2023
Another whale, known as 0x01a, opted for a deposit of 1.2 million $DYDX tokens, valued at $4.09 million, onto Kraken at $3.41. Impressively, this maneuver resulted in an estimated profit of $274,000 (7.19%) within a mere two days. The whale’s current holdings comprise 2.81 million $DYDX tokens, valued at $9.71 million.
CMS Holdings engaged in the market by transferring 516,023 $DYDX tokens, valued at $1.73 million, to a Binance deposit address, realizing an estimated profit of approximately $2.66 million.
In the latest developments, two addresses associated with Amber Group facilitated transactions, moving a total of 4.06 million $DYDX tokens, valued at $13.8 million, to Binance within the past 8 hours. This activity further fueled the surge in Smart Money Outflow to centralized exchanges.
Despite these significant movements, the price of $DYDX showcased a period of consolidation, currently trading at $3.406.
With the post-token unlock market dynamics evolving, ETHDYDX remains under the scrutiny of traders and investors, with Smart Money Outflow providing insights into whale activities and broader market trends.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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