When crypto prices take a nosedive, many traders see it as an opportunity to accumulate their preferred altcoins. One such trader just withdraw 7 tokens from OKX exchange. One of those tokens was USDT though.
Whale’s Withdrawal Strategy
According to a report by SpotOnChain, a fresh whale identified as 0xcf2 has withdrawn assets worth $5.17 million from OKX. The withdrawal included:
56,555 COMP ($2.96M)
445.03 ETH ($1.41M)
2,045 YFII ($626K)
145,112 USDT
108,458 ARB ($70.1K)
34,290 SUSHI ($22.3K)
999.51 BADGER ($3.19K)
The wallet address associated with this transaction is 0xcf2d780582a5d0a5afcd51dead944f1c8908aec6.
Source: SpotOnChain Market Implications
This significant withdrawal, particularly during a dip in crypto prices, could suggest that the trader sees potential in these assets. The move might indicate a belief in the long-term value of these tokens, especially COMP, ETH, and YFII, which make up the bulk of the withdrawal.
It’s worth noting that while most of the withdrawn assets are cryptocurrencies, the inclusion of USDT (a stablecoin) in the mix could be interpreted as a hedging strategy or preparation for future trades.
Read also: Bitcoin Whale Bought Millions of BTC Amid Crypto Price Crash
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