“Lookonchain”, an on-chain analytics platform, posted on X (Twitter) that some new crypto whale wallets have accumulated four specific tokens: Maker (MKR), Aave (AAVE), Immutable (IMX) and Fetch.AI ( FET).

On-chain analytical tools can give users insight into whale activities. This is possible because blockchain is a public ledger technology that allows transparency of transactions.

Withdrawals on centralized exchanges usually indicate that the person is not willing to sell the tokens in the near future. In most cases, people transfer crypto from centralized exchanges to treasury solutions, with the intention of keeping them.

On the contrary, when people move their crypto from self-custodial wallets to centralized exchanges, they may want to sell the coins.

Whales accumulate in mass

1. THE GHOST

Lookonchain posted on X (Twitter) that 0x04e9 withdrew 47,096 AAVE tokens from Binance, worth $4.7 million. Additionally, IntoTheBlock Netflows data also indicates that holders have withdrawn their tokens from centralized exchanges (CEX).

IntoTheBlock explains about net flows:

“Net flows show the difference between tokens entering an exchange and those leaving. The term “Aggregated Exchanges” refers to all supported exchanges. The change shows the net increase/decrease in stock exchange holdings during the relevant period.”

2. MSEK

Besides AAVE, wallet 0x04e9 withdrew 2,251 MKR tokens, worth $3.18 million. This coincides with Nansen data which shows that smart money wallets tracked by the platform have acquired MKR tokens worth almost $65,000 in the last 24 hours at the time of writing.

Nansen's distribution chart shows that in 2023, the amount of MKR tokens held in centralized exchanges (CEXs) by the top five addresses has steadily decreased.

SMEs

Three new wallets withdrew 2.57 million IMX tokens from Binance, worth $6.33 million. Lookonchain believes these wallets belong to the same person.

Additionally, the balance of this token available on centralized exchanges decreased by 3.69 million units in the last 24 hours.

DONE

A newly created wallet – 0x6e8c transferred 1.57 million FET tokens from Gate.io to a self-custody solution. These FET tokens together are worth over $1 million.

Previously, analyst Nansen reported to the English-speaking branch of BeInCrypto that there was an increased accumulation of FET tokens by smart money wallets. Furthermore, distribution data shows that the balances of the top five FET addresses have gradually decreased on CEX#BTC#million #token