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Altcoin Watch: Mega Whales Are Taking These Alts Off Exchanges
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Altcoin Watch: Mega Whales Are Taking These Alts Off Exchanges

Keshav Verma
Keshav Verma
8 months ago
2 mins read
Altcoin Whales

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On-chain data shows the whales of these altcoins have been shifting their supply from exchanges to cold wallets recently, a sign that may be bullish for their prices.

Whales Of These Altcoins Have Been Moving Into Self-Custody Recently

In a new post on X, the on-chain analytics firm Santiment has discussed the trend in the Top Exchange/Non-Exchange Wallet Holdings for three altcoins: Polygon (MATIC), Injective (INJ), and Render (RENDER).

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The “Top Exchange/Non-Exchange Wallet Holdings” here refers to an indicator that keeps track of the ratio between the balance of the ten largest wallets associated with centralized exchanges and that of the ten largest self-custodial addresses.

The ten largest wallets of either type would naturally belong to the whales, the largest of the entities in the sector. In fact, these addresses wouldn’t be just any ordinary whales, but rather investors that are humongous even by whale standards.

As such, the Top Exchange/Non-Exchange Wallet Holdings tells us about how the supply held by the exchange-related mega whales compares against the ones keeping their coins in cold wallets.

Below is the chart shared by Santiment that shows the trend in this indicator for the altcoins over the last couple of years:

Altcoin Mega Whales
The value of the metric appears to have plunged for MATIC in recent days | Source: Santiment on X

As is visible in the above graph, the Top Exchange/Non-Exchange Wallet Holdings has registered sharp plunges for all three of these altcoins in the last two years, with Polygon seeing the latest one.

The plunge in question had come for MATIC on the 9th of this month, with the mega whales moving a pretty significant amount to self-custody. In the days since then, the indicator has continued to decline for the altcoin, although the scale of the drawdown has been nowhere near what was witnessed during the aforementioned plummet.

Render’s mega whales made a massive transfer towards cold wallets back on the 21st of July, and the ratio has since maintained at low levels. INJ’s plunge was much earlier, back on August 21st of last year, but the large hands have continued to gradually offload more supply from exchanges since then.

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Generally, investors keep their coins in the custody of exchanges whenever they plan to participate in trading activities in the near term. Thus, the exchange supply of any asset may be considered as a reflection of its potential sell supply.

In this view, the shift that the mega whales of these altcoins have shown towards self-custody can be a bullish sign. The indicator may be to monitor in the near future, however, as any reversals would imply that the mega whales want to sell again and, hence, that a bearish outcome may be waiting for the coins instead.

Render Price

At the time of writing, Render is floating around $4.8, down 8% over the past week.

Altcoin Render Price Chart
The price of the coin seems to have been going down recently | Source: RENDERUSDT on X
Featured image from Dall-E, Santiment.net, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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