The blockchain analysis platform Lookonchain has recently announced that some whale wallets have been withdrawing funds from four different types of tokens on various exchanges – Maker (MKR), Aave (AAVE), Immutable (IMX), and Fetch.AI (FET). Chain analysis tools have the capability to help users track whale activities on the blockchain, thanks to the transparency of blockchain technology.
Typically, withdrawing funds from centralized exchanges indicates users’ unwillingness to sell their assets promptly. In most cases, they transfer cryptocurrencies from centralized exchanges to self-hosted wallets to hold them. Conversely, when they move cryptocurrencies from personal wallets to exchanges, they may intend to sell them.
1. AAVE: Lookonchain has revealed that a wallet with the address 0x04e9 withdrew 47,096 AAVE tokens worth $4.7 million from the Binance exchange. Netflows data from IntoTheBlock also shows that the owner withdrew tokens from centralized exchanges (CEX).
2. MKR: In addition to AAVE, the wallet 0x04e9 also withdrew 2,251 MKR tokens worth $3.18 million. This information aligns with data from Nansen showing that the smart wallets tracked by the platform purchased over $65,000 worth of MKR tokens in the last 24 hours.
3. IMX: Three new wallets have withdrawn 2.57 million IMX tokens worth $6.33 million from Binance. Lookonchain suggests that these wallets may belong to the same person. Furthermore, the balance of tokens on centralized exchanges has decreased by 3.69 million IMX in the past 24 hours.
4. FET: A newly created wallet with the address 0x6e8c transferred 1.57 million FET tokens from the Gate.io exchange to a self-hosted wallet. These FET tokens are valued at over $1 million. Previously, analysts from Nansen had pointed out that the accumulation of FET through smart wallets had increased. Distribution data also shows that the balances of the top 5 FET addresses on centralized exchanges have consistently decreased.