TL;DR
- A major investor has withdrawn millions in ONDO and Jasmy Coin (JASMY) tokens from Coinbase, causing market movements.
- The whale, supposedly linked to eToro, transferred 1.5 million ONDO tokens and 120 million JASMY tokens in a bearish market.
- Besides ONDO and JASMY, the investor moved large amounts of Uniswap (UNI), Chainlink (LINK), Avalanche (AVAX), Render (RNDR), and Arbitrum (ARB) from Coinbase to private wallets.
Recently, a major investor has withdrawn millions in ONDO and Jasmy Coin (JASMY) tokens from the Coinbase exchange platform, raising alarms and causing market movements. Their activity, captured by the crypto surveillance service “The Data Nerd,” has drawn attention due to its magnitude and the context of a declining market.
Arkham Intelligence revealed that this whale transferred 1.5 million ONDO tokens, valued at approximately $1.93 million, to cold storage. Simultaneously, he moved 120 million JASMY tokens, valued at around $4.31 million, out of Coinbase. These operations coincide with a 21% drop in JASMY’s value over the past week, now trading at $0,033, while ONDO, although also experiencing a decline, has shown a slight recent recovery.
The Whale Holds Over $273 Million in Various Cryptocurrencies
The whale’s identity has been a subject of speculation. Arkham Intelligence suggests that the wallet could belong to eToro, the renowned social investment and brokerage firm. It is supposedly holding over $273 million in crypto assets, including significant amounts of Ethereum (ETH), Fetch.AI (FET), and Shiba Inu (SHIB), valued at $42 million, $35.83 million, and $21.68 million, respectively.
14 hours ago, a whale (maybe @eToro) just withdrew 1.5M $ONDO (~$1.93M) and 120M $JASMY (~$4.31M) from #Coinbase.
Just now, they have 3.8M $ONDO (~$5M) and here are their 3 largest assets: $ETH (~$42M); FET (~$35.83M) & $SHIB (~$21.68M).
Address:https://t.co/iHFfFqIBTj pic.twitter.com/KyACAYZCT2
— The Data Nerd (@OnchainDataNerd) June 14, 2024
In addition to the movements of ONDO and JASMY, the whale has made other large transfers from Coinbase to private wallets. Among the tokens withdrawn in vast quantities are Uniswap (UNI), Chainlink (LINK), Avalanche (AVAX), Render (RNDR), and Arbitrum (ARB), each with transactions exceeding half a million dollars. The operations were carried out in a short period, underscoring the scale and speed of this investor’s activity.
The massive withdrawal of these tokens, especially in a bearish market, raises questions about the strategy and intentions behind these transactions. Some analysts speculate that it could be related to a reevaluation of the investor’s portfolio or a strategy to secure assets in cold storage during periods of high volatility.
Market analysts will closely monitor any further movements by the investor, as well as the potential impact on the prices of ONDO, JASMY, and other involved tokens. Whale activity remains a crucial indicator of trends and potential shifts in crypto market sentiment.
