Whale deposits over $8 million in five tokens to Binance

• On-chain trackers identified a wallet that deposited large amounts of AAVE, XVS, MATIC, BLUR and ARB to Binance. 
• The trader transferred nearly $8.5 million in the five tokens, signaling willigness to sell at local price peaks. 
• AAVE supply on exchanges climbed more than 4% in June, while supply of XVS, MATIC, and ARB supply declined.

On-chain intelligence tracker Spotonchain has identified a trader who sent five crypto assets worth nearly $8.38 million to Binance on Thursday. The same wallet has done similar moves involving other tokens previously, realizing millions in gains. 

AAVE (AAVE), Venus (XVS), Polygon (MATIC), Blur (BLUR) and Arbitrum (ARB) are the five tokens deposited to Binance. The transfer was done close to the assets’ daily price peaks on Thursday. 

Trader deposits over $8 million in five tokens to exchange

Crypto on-chain intelligence trackers follow addresses that realize gains on their asset holdings and alert traders about their activity and asset transfers to offer insights into trading opportunities. Spotonchain noted a “smart trader”  – who has previously taken profit on crypto assets transferred to the centralized exchange Binance – had moved $8.38 million in five different tokens to the platform. 

The trader deposited 40,000 AAVE (worth $3.65 million), 265,000 XVS (worth $2.47 million), 799,000 BLUR (worth $287,000), 2.68 million MATIC (worth $1.73 million) and 246,000 ARB (worth $240,000) on Thursday. 

Trader deposits five tokens to Binance

Spotonchain’s analysts identified that previously the same trader realized over $11 million in profits on PEPE (PEPE) and Uniswap (UNI) holdings. 

Of the five tokens deposited by the wallet holder, AAVE’s price declined 3% on Thursday and it is likely to extend losses further as the DeFi token’s supply on exchanges is up nearly 4% in June so far, nearing a four-month peak. Increasing supply on exchanges tends to signal higher selling pressure as it means more traders have moved their holdings out of their wallets to the exchanges.

On the contrary, Santiment data shows that XVS, MATIC and ARB have observed a decline in the exchange supply, meaning less selling pressure from deposits to exchanges, in the same time frame. Supply on Exchanges’ data for BLUR wasn’t immediately available.

AAVE supply on exchanges vs. price 

Other on-chain metrics support a bearish thesis for MATIC and BLUR. The Active Addresses metric,  which identifies whether an asset is relevant among market participants, has declined for both tokens in June so far, according to Santiment’s data. 

Meanwhile, Social dominance for XVS has hit a six-month peak despite the recent price correction. Venus token’s social dominance has climbed to 0.071%, suggesting the asset is increasingly featured in discussions among market participants on social media platforms like X and Reddit.

Venus social dominance vs. price

The rise in social dominance has had no direct impact on the asset’s price in the past six months. However, XVS is down 2% on Thursday, extending its seven-day losses to 23%.