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Whale Signals Bearish Outlook on Solana’s $HYPE with Short Position

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  • A crypto whale placed nine million USDC into HyperLiquid to aggressively short it’s token, $HYPE.
  • $HYPE sees apparently bullish trends, but the whale placed $638K in limit sell orders on the assumption that the price would drop.
  • Such institutional-level and strategic moves imply bearish sentiment in Hyperliquid.

A crypto whale just made a move that is generating a lot of buzz. According to Lookonchain, 9 million USDC was deposited into the HyperLiquid exchange by a brand-new wallet. Experts believe that this was not an arbitrary act, but rather a tactical step taken to short against Solana’s trending token, $HYPE.

The Short Position Suggests Selling Pressure On The Value Of $HYPE 

The idea of shorting a token basically means predicting its price to drop. Here, the whale is anticipating the value of $HYPE to decline. The deposit, as indicated on Lookonchain, is also observed to be immediate, with the whale putting a chain of sell limit orders to benefit from this anticipated decrease.

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Source: @Lookonchain

The limit orders, which are used to make the asset sold at a specified price, were between $18.7 and $19 per token. The total value of these short orders amounts to an eye-catching $638,000. 

With volumes that span multiple price points, it is believed that the whale thinks there’s going to be a lot of downside for the token. 

Strategic Transfers Precede Aggressive Short Positions

Data from Lookonchain also indicates how this newly generated wallet was funded from a series of transactions coming from several Coinbase hot wallets. Two batches of transfers were made, the first of which consisted of 5.1 million USDC, and the other was 3.9 million USDC. 

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Source: X @Lookonchain

When these funds were received, about 3.92 million USDC, was bridged from the Arbitrum layer 2 scaling solution to Hyperliquid. Almost as soon as the wallet was set up, the whale had already placed the short orders. 

The trades were placed in batches of between 4,000 and 5,900 HYPE tokens at descending price levels, with a limit sell placed for each trade. With such a layering of these orders, it appeared like the trader was aiming to earn gradually as $HYPE’s price slides through each level.

$HYPE’s Bullish Momentum Challenged with Whale’s Contrarian Move

This whale operation on $HYPE, by its scale and speed, implies some form of institutional-level planning and execution. Also, the amount of heavy capital involved is very rare and suggests a bearish sentiment from investor(s) whose resources and insight are significant.

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Source: X @Lookonchain

Hyperliquid Delists JELLYJELLY Token After Whale Manipulation Triggers $12 Million Loss

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  • Whale manipulation on Hyperliquid triggered a $12M loss prompting JELLYJELLY delisting.
  • The listing of JELLYJELLY futures on Binance and OKX increased risks for Hyperliquid’s vault.
  • Hyperliquid’s HLP vault inherited $12M in losses after a short-squeeze on JELLYJELLY.

Hyperliquid, a decentralized trading platform specializing in perpetual futures contracts, experienced a crisis on March 26 when it was forced to delist Solana-based memecoin JELLYJELLY  because a whale manipulated its price. The manipulation caused nearly $12m in unrealized losses on Hyperliquid’s HLP(Hyperliquid Pool) vault exposing flaws in the automated trading system.

A trader initiated an 8 million dollar short position on JELLYJELLY before buying token quantities from different exchanges to inflate its market price. When the price increased, Hyperliquid’s liquidity vault received a huge short position following its responsibility to handle trades. The vault sustained severe losses because of JELLYJELLY’s skyrocketing price. The manipulation remained undetected until the token reached a $50 million market capitalization point and then market officials executed delisting.

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Source; Hyperliquid

Centralized Exchanges Join the Fray Amid Crisis

Amid the turmoil centralized exchanges Binance and OKX listed perpetual futures for JELLYJELLY. The exchange listing of JELLYJELLY futures contracts intensified the trading frenzy that brought the risk of vault depletion at the platform. The rising pressure on Hyperliquid compelled them to suspend JELLYJELLY trading while conducting additional research, which led to the full removal of JELLYJELLY futures contracts from their platform.

The platform announced the exchange delisting due to market irregularities which promised repayment except to addresses that triggered alert systems. The protocol declared plans to introduce technical enhancements to prevent such occurrences from repeating. The incident highlighted issues with risk management systems at the protocol as it failed to adequately address whale manipulation alongside liquidity vulnerabilities despite its resolution efforts.

Concerns Grow Over Hyperliquid’s Centralization

A whale previously manipulated Ether futures trading on the platform, leading to a total loss of $4 million from the platform. The centralization of the platform’s network has become a concern for industry observers after two recent incidents that occurred due to its validator set. While the platforms markets itself as a decentralized exchange, its limited number of validators has raised red flags regarding the platform’s susceptibility to manipulation by a small group of insiders.

Bitget CEO Gracy Chen and other industry figures criticized the platform because they believe the platform’s actions will damage their reputation while souring DeFi’s trust. Several traders doubted the lasting effects because HYPE tokens demonstrated a minor market rebound following the incident.

Arbitrum (ARB) Whale Accumulation Skyrockets To $3 Million In Days, Signaling Potential Bullish Trend

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The scalable Layer 2 Ethereum network known as Arbitrum observes a fascinating pattern where a particular “whale” or significant holder, identified as address “0x37bf,” is gathering substantial ARB tokens. This address was established four days ago and has accumulated a remarkable sum of 2.5 million ARB tokens, valued at around $2.95 million.

Whale Acquires $2.94 Million Worth Arb Tokens Within Days

The whale started by withdrawing 1.5 million ARB tokens from Binance, valued at $1.76 million, for $1.07 per token. Merely 13 hours ago, the same large holder withdrew another million ARB tokens ($1.18 million) from Binance. It is estimated that the average purchase price of this accumulation is approximately $1.13 per token.

While the identity of this whale remains undisclosed, their actions have undeniably captured the attention of the Arbitrum community. This bold maneuver occurs during a time of fluctuation for the ARB token. Nonetheless, it is important to highlight that Arbitrum has experienced a 20% increase in value since it’s recent low, intensifying the fascination surrounding this accumulation.

Amidst recent updates, the Arbitrum Foundation has responded to community pressure by unveiling several modifications. These changes involve splitting a contentious governance package into distinct voting components and rebranding the foundation’s “special grants” program as the “Ecosystem Development Fund.”

Furthermore, the foundation has committed to enhancing transparency concerning fund allocation and the organization’s budget. Additionally, they have emphasized that there are no immediate intentions to sell additional tokens, responding to past concerns raised by the community regarding the sale of millions of dollars worth of ARB tokens for operational purposes without community consensus.

Arbitrum (ARB) Price Movement

The substantial withdrawal of over a million dollars demonstrates the investor’s optimistic outlook on the prospects of ARB. Following a significant drop to its all-time low of $1.06, the ARB token has witnessed an impressive 12.91% surge over the past 7 days.

The average buying price per ARB token for the buyers is approximately $1.13, suggesting a systematic approach to reduce expenses and maximize their token holdings.

The accumulation strategy employed by the whale investor has attracted significant attention and speculation within the cryptocurrency community. This heightened scrutiny has directly influenced the value of ARB.

Currently, the token is experiencing an upward surge, with its value reaching a special price of $1.19 per token, according to CoinMarketCap. The market capitalization of ARB stands at $1,520,777,905, while the trading volume in the last 24 hours has reached $310,180,970.

Relate Reading: | Top 3 Lady’s Token Holders Blacklisted For Suspicious Activity |

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Source: Tradingview.com

Ethereum [ETH] Whales Now Owns ~70% Of Total Supply

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Ethereum took a severe plunge right after the market-wide fall in the last week of Feb. A quick primer on the last two weeks: Bitcoin was in a consolidation mode after hitting peaks back to back in consecutive weeks. Hence, the leader of the altcoins, Ethereum [ETH] too was found to be mirroring its gains in the market.

As it resumed an uptrend eyeing the recently breached all-time high level of monumental $2,000, the traders in the market appeared to be busy taking their Ethers off crypto-exchanges. In short, the Ethereum whales are back in the game.

If the latest stats are to be believed, whales [holding 10k+ ETH] now own 68.6% of the total supply. This was accompanied by Ethereum’s price surging back to $1,685 level.

According to the crypto-analytic platform, Santiment, the latest figure is the highest percentage owned by whales since November 2017.

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Ethereum [ETH] Whales Now Owns ~70% Of Total Supply 9

However, the same cannot be said for addresses owing 0-10k Ether. The platform mentioned that this cohort of addresses owns the lowest percentage since September 2017.

It was a clear case of accumulation by the large Ethereum holders. The above chart demonstrated the inverse correlation between the token’s price and the coins on crypto exchanges.

This was indicative of a major bullish sentiment as the whales were found to be HODLing the crypto asset in anticipation of the price aiming for new heights.

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Ethereum [ETH] Whales Now Owns ~70% Of Total Supply 10

Further affirming this bullishness among market participants was Ethereum’s top 10 non-exchange whale addresses amassing more than 1 million ETH in a 24 hour period on the 1st of March which roughly valued at $1.6 billion.

This was the highest one-day jump in the accumulation of the crypto-asset in more than a month.

What Does This Ethereum Accumulation Trend Mean?

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Ethereum [ETH] Whales Now Owns ~70% Of Total Supply 11

These developments were proof that the value of ETH could potentially reach for new heights and we may see fewer and fewer Ethereum remaining on cryptocurrency exchanges in the coming days.

While it is no surprise that the latest numbers show that Ethereum whales were playing the long game as they continued to stack ETH, eventually buying the dip, there’s more to the picture.

Ethereum has been long plagued with high transaction fees. This bone of contention remerged this bull season as the figures skyrocketed to levels never seen before making it a super expensive blockchain that is meant only for the rich.

Hence, the latest development was a vote of confidence especially in the face of the emergence of gas-friendly blockchains such as the Binance Smart Chain, Zilliqa, Tron and Cardano

Chainlink [LINK] Whales Are ‘Content’ With Their Holdings

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Chainlink [LINK] saw bearish momentum taking over its price in the last couple of trading sessions. The traders wary as the crypto-asset was on the verge of a massive move in favor of the bears. However, the recent movement of some larger token holders might effectively invalidate a potential downward prediction.

We are talking about Chainlink whales which have, time and again, made headlines regarding their status and concentration despite many alleviation attempts by the LINK community.

LINK’s price reached an all-time high above $35 before retracing, While sell-off did transpire at the said level, there might be more upside potential. According to the fund movements noted by Santiment, LINK whales are in anticipation of further gains in the near-term.

The crypto-analytic platform detected a pair of whale transactions for Chainlink that were the largest-sized moves on the network in the last six weeks. Its tweet further read,

“The first was a transaction of 2.28M $LINK (worth $71.0M) moving away from $aLINK, temporarily into an exchange address. The second moved an even larger amount, 2.54M $LINK (worth $78.9M), into a new confirmed $aLINK whale address.”

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Chainlink [LINK] Whales Are 'Content' With Their Holdings 14

What this essentially depicts is that as long as LINK whale tokens are staying off of exchanges and being staked, these transactions are confirmations that whales are content with their holdings.

Chainlink’s Technicals

RSI
Chainlink [LINK] Whales Are 'Content' With Their Holdings 15

Amidst massive bullish activity with several coins reaching record levels, Chainlink could essentially shrug off the minor correction.

The above daily chart depicted the formation of high which pushed the RSI to the extreme overbought zone. Which was then followed by a rebound. Even as the bears took control, the momentum did not rest with the sellers. Moreover, RSI’s 53-level has been acting as critical support throughout the year. And there’s a greater chance that it would continue to provide further support.

Hence, it is highly likely that LINK will eventually snap a newer record high on the charts despite a momentary lapse.

Whale Alert: $5.7 Million Worth BTC of Stolen Bitfinex Funds Transferred to Unknown Wallet

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Cyber attackers hacked Bitfinex cryptocurrency exchange in August 2016, and managed to steal Bitcoin 120,900. Back then, the digital treasure was worth roughly $72 million; however, with the appreciation in the value of BTC, the current market value of the stolen Bitfinex funds is approximately $1.4 billion.

To date, the orchestrators of the billion-dollar heist have never been identified. The hack alone triggered the price of Bitcoin to depreciate by a massive 20 percent, from about $600 to nearly $400.

Once again, the hackers involved in the heist have moved the stolen Bitfinex funds. According to Whale Alert, the Bitfinex attackers have transferred 473.3 BTC, valued at $5.7 million in today’s market into an anonymous wallet. The Bitcoin was shared into various wallets, but the major stake, 467 BTC worth $5.6 million is now contained in a single wallet.

Following the attack, Bitfinex reduced the balances of all its clients by 36% and replaced them with BFX tokens. The tokens were redeemable for the shares of iFinex, the mother company of Bitfinex. Since the hack, the price of Bitcoin has increased by a massive percentage. Perhaps the hackers got rid of most of the stolen Bitfinex funds, or maybe they kept on waiting for a price hike to sell at a higher profit.

 

Stolen Bitfinex funds have been moved severally

In either case, this is not the first time a stolen bitcoin has been transferred to the attackers. Back in May, they moved a BTC of 28.3 worth $250,000. The following month, the hacker transferred BTC for $4 million to an anonymous wallet. Last year, the attackers moved the stolen Bitfinex fund on two occasions; in June, 185 BTC valued at $2 million then, and in August, 300 BTC valued at $2.7 million moved to unknown wallets. The two Bitfinex hacks are one of the most damaging bitcoin hacks and scams of all time. The two Bitfinex hacks are one of the most damaging Bitcoin hack and scam of all time. Generally, hackers move the fund to cash out further when there is a spike in the price of stolen coins.

Number of Large Bitcoin Cash Holders Slump as Price Rises by Almost 40%

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Bitcoin Cash holders with at least $ 3 million have declined since August 10, following a huge price spike to over $311. Several Bitcoin Cash whales have abandoned the network following a nearly 40 percent price surge, probably trading or selling their BCH worth millions of dollars.

Massive Bitcoin Cash holders clearing the bag

A recent tweet by crypto enthusiast Ali Martinez, claims that recent data shared by blockchain analysis firm Santiment reveals the number of Bitcoin Cash holders between 10,000-100,000 Bitcoin Cash (BCH), have slumped since August 10. The expensive exodus of BCH network followed a 37.8 percent rise in the price of the crypto, from $224.46 on July 17 to a three-month high of $311.34 on July 31.

Notably, Bitcoin Cash maintains its position as the fifth-largest cryptocurrency by market cap with $5.6 million, with LINK chasing at $4.6 billion. At press time, Bitcoin Cash is trading at $305.95. According to IntoTheBlock’s “In/Out of the Money Around Price” (IOMAP) model, BCH poses above a significant supply barrier regardless of the increased selling pressure.

Will price support rescue BCH from slumping?

Based on this on-chain metric, approximately 150,000 addresses had earlier purchased more than bought more than 161,000 BCH between $283 and $290. In case of a correction, this support zone might have the capacity to hold prices from dropping further. Bitcoin Cash holders within this variety would possibly try remaining profitable. Furthermore, they might purchase even more BCH to avoid seeing negatives in their investment.

However, if the BCH whales continue selling their holdings, BCH’s price might fall below this support zone. If such a situation occurs, IOMAP suggests that the next significant crucial barrier rests between $256 and $266. At this point, roughly 119,000 addresses are holding about 420,000 BCH.

Moving forward, although there are several reasons to worried about the future of BCH, the entire crypto market sentiment worsens the situation. Cryptocurrency investors seem to be increasingly high spirited about what the future holds for the entire industry. Historically, this has proven to be an indication that prices of crypto are undergoing a boom-bust.

Whale Alert Report: Crypto Scammers Revenue to Spike by 2000% Before 2020 Ends

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According to a new report by the cryptocurrency intelligence firm, Whale Alert, scammers stole $24 million in bitcoin during the first half of 2020. Online scammers find it too easy to mislead their crypto investors because their tactics are incredibly adept and aggressive, according to a report published on July 10.

For instance, a specific highly successful crypto scam has raked up more than $130,000 a day ‘with nothing more than a one-page website, a bitcoin address, and a decent amount of YouTube advertising.’ While another scheme has earned more than $1.5 million in six months by luring investors into a sham crypto exchange using an unprofessional website perforated with spelling mistakes.

Scammer revenue to spike by 2000 percent by end of the year

Whale Alert suggests that it has gathered and assessed “hundreds of thousands” of data from websites, bitcoin addresses, and reports using Scam Alert, a new tool for reporting, monitoring, and analyzing blockchain crimes. Whale Alert, famous for tracking large-scale BTC transactions, discovered that “crypto crime pays a lot.” Crypto crimes are significantly motivated by the fact that the venture is risk-free, which means that the perpetrators have a very high chance of getting away with the crime.

Indeed, the report claims that fraudsters have got away with $38 million worth of bitcoins over the last four years, omitting Ponzi schemes. Whale Alert projects scammers’ annual revenues may rise by 2,000 percent since 2017, reaching $50 million annually.

Giveaway scams are more popular according to Whale Alert Report

There are different types of swindling strategies, including sextortion, sham exchanges, video scams, and bitcoin recovery schemes. However, according to the Whale Alert, the most popular type of extortion is a giveaway strategy. Giveaway scams tend to impersonate public figures such as SpaceX and Tesla’s Elon Musk, or a prominent crypto exchange for convincing individuals to send their bitcoins using YouTube advertising.

As per Whale Alert, such fraudulent schemes can rake from a few thousand dollars to $300,000, subject to the strategy employed and the scam ‘s efforts. Notably, the report also warned that the revamped approach suggests that “entire professional teams” may be involved in some of the most fortunate crypto scams.

 

Ripple continues to build XRP liquidity, releases 1 billion XRP from Escrow

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Ripple continues to “accelerate the XRP ecosystem” as it recently released one billion XRP from its escrow, bringing the total circulation supply to 44 billion.

In December 2017, Ripple added 55 billion XRP into an escrow wallet and announced that it would release 1 billion XRP every month to ensure certainty of XRP’s total supply entering the market.

The official blog discussed how the move would help to build XRP liquidity and a healthy and trusted market. It stated:

“Long term, the value of digital assets will be determined by their utility. XRP has emerged as the only digital asset with a clear institutional use case designed to solve a multi-trillion dollar problem – the global payment and liquidity challenges that banks, payment providers, and corporates face.”

In May 2019, Coin Metrics, a cryptocurrency market, and network data provider conducted research on XRP’s supply schedule and escrow system where it found discrepancies between what was announced and what was recorded on the XRP ledger.

It was found that the blockchain firm over-reported the amount returned by 100 million XRP and under-reported the XRP released, in their Q3 2018 and Q1 2019 reports.

According to Ripple, the unspent XRP will be sent back to a new Escrow account that will expire by the end of month 55.

“We’ll use Escrow to establish 55 contracts of 1 billion XRP each that will expire on the first day of every month from months 0 to 54. As each contract expires, the XRP will become available for Ripple’s use.”

However, according to the on-chan data, this cycle was not followed. While the unused XRP was to return to the into the first slot with no existing escrow, it was seen that they were “into the first slot (i.e., the first month) with no existing escrow.”

Another issue pointed out by Coin Metrics was that,

“Other party/parties, potentially associated with Ripple, have released 55 million XRP from an unknown escrow address not connected to the main Ripple escrow account.”

The report traced that 55 million XRP from this scheme was transferred to Bitstamp, a cryptocurrency exchange based in Luxembourg.

Surprisingly, on November 26, Whale Alert, a Twitter account providing live tracking of large transactions, reported that 49,999,996 XRP had been moved from an unknown wallet to Bitstamp.

XRP continues to swim in bearish waters. At press time, according to CoinMarketCap, XRP was standing at the third position in the market, priced at $0.21 with a market cap of $9.49.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Millions worth of USDT and EOS transferred across wallets and exchanges as communities rally

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Significant cryptocurrency transfers have always made news as the movement of a substantial amount of capital has resulted in various shifts in market dynamics. A recent transfer reported by Whale Alert, a cryptocurrency data aggregator, showed that almost 20 million USDT was transferred from an unknown wallet and the Binance exchange.

Since it was a Tether movement, several members of the industry claimed that it was just a pump and dump scheme and that it didn’t’ amount to anything significant. At the same time, the $19.95 million transfer was not taken lightly by other members of the community as the market was moved sideways for some time now. The hash for the transaction was b2db77002bea5f0d66e5411a348e7d8ca1d73e65f8ff230ca0015459ade99a18 with the transfer occurring at block 14487982. The time of transfer was 11:38:39 on the 14th of November.

The unknown wallet held an address of TMbCKxATSzuZLioEyHCNSct2YeSfvnyE1Q with a balance of a negligible amount of TRX, BTT, USDT, and WINK. The 19.9 million USDT transfer occurred in one fell swoop and not in multiple transfers.

The receiving wallet address was TAUN6FwrnwwmaEqYcckffC7wYmbaS6cBiX, with the number of transactions clocking in at 1454123. Post the transfer; the wallet had 195.655 million TRX tokens and another 518,816 TRX tokens that settled after BTT transactions. The total balance of the wallet after all the transactions was 22.133 billion TRX.

Tether was not the only cryptocurrency that was transferred between wallets as reports also showed that a million EOS tokens were also sent from one unknown wallet to another. The transfer amounted to $3.409 million and had a timestamp of 5:19 on 14 November. The number one EOS pool was ‘eoshuobipool,’ with the pool being set up in China.

That particular pool had 2.944 percent of all the votes, which was approximately 331.11 million in number. The receiver wallet had an address of ‘vqsaeptppqwh’ at 39 percent RAM usage. The total wallet balance after the transfer was $3.410 million, with multiple transactions occurring at the same time.

EOS had taken a hit recently when Weiss Crypto Ratings stated that Cardano was clearly superior to the eighth most significant cryptocurrency. In June of this year, Weiss Ratings had downgraded the score of EOS because of issues related to centralization.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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