Large Altcoin Transfers Turned into Risk for 5 Tokens: Pay Attention to the Bitcoin Factor! - Coin Bulletin

According to Santiment data, large altcoin transfers indicate whales' intention to sell, while Bitcoin's rise limits the impact of these movements.

According to data reported by Santiment, some large altcoin transfers have recently caught attention.

When examining the altcoins deposited to centralized exchanges, the largest transfers include Eigenlayer ($2.8 million), Ethena ($2.5 million), Worldcoin ($2.0 million), Wrapped Bitcoin ($4.8 million), Pepe ($3.0 million), and Chainlink ($1.8 million). These significant transfers occurred with a sudden influx of a significant portion of the supply of the respective altcoins to the exchanges.

Such large transfers are often interpreted as a sign of selling transactions made by a whale (i.e., a large investor). When a large portion of an asset's supply is sent to exchanges at once, this situation always brings concerns about increased selling pressure in the market for that asset.

The ongoing rise of Bitcoin may somewhat limit the impact of these large transfers. However, Santiment reported that this situation could lead to temporary corrections or price drops especially for altcoins listed.

Investors should be cautious of sudden price movements in these projects and prudent about potential pullbacks.