witnessed whale transfers worth more than $1 million on Tuesday. Based on data from crypto intelligence tracker Santiment, the supply on exchanges for these two tokens has climbed consistently over the past week and the supply of the assets held by large wallet investors as a % of total supply has declined. The above two on-chain metrics help determine whether whales are accumulating or shedding their holdings by sending them to exchange wallets.
In the case of Compound , whale transfers greater than $1 million are likely bullish for the asset and capable of catalyzing a price recovery. Data from Santiment reveals that whale transfers have coincided with peaks in the asset’s price in the past. COMP supply on exchanges and whale token holdings are inversely proportional at the time of writing. A rising volume of whale holdings alongside a declining supply on exchanges is a bullish sign for the asset’s price.
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