Large wallet investors have been swiftly withdrawing DYDX and GMT tokens from exchanges, indicating a strategic move ahead of the upcoming token unlock events. Recently, significant outflows from Binance were observed, with whales pulling out substantial amounts of these tokens, driving speculation in the crypto market.
A whale wallet, currently holding $13.9 million worth of DYDX tokens, withdrew 1.86 million DYDX from Binance on Tuesday. This move, at an average price of $3.578, resulted in $1.12 million in unrealized gains for the whale. Additionally, another substantial withdrawal of 46.2 million GMT tokens, valued at around $16 million, was recorded from Binance on the same day.
The trend continued over the past two days, with two other whales withdrawing a total of 59 million GMT tokens worth nearly $32 million from Binance. Consequently, the supply of DYDX and GMT tokens on exchanges has been consistently declining over the past weeks, reducing selling pressure and potentially setting the stage for price gains.
DYDX is set to unlock over 11% of its circulating supply on April 1, coinciding with GMT’s linear token unlock of 3.32 million tokens daily, valued at $994,280. Despite the unlock event, the combination of declining supply on exchanges and whale accumulation suggests resilience in DYDX and GMT prices.
The price of DYDX stands at $3.66 at press time, reflecting a 24-hour trading volume of $11,868,014. Meanwhile, GMT is trading at $0.344433, with a 24-hour trading volume of $188,487,569. Both tokens have experienced recent gains, with DYDX up by 8.49% and GMT up by 5.53% in the last 24 hours.
With whales actively withdrawing tokens from exchanges, selling pressure is expected to ease, potentially supporting the prices of DYDX and GMT against significant corrections. The strategic moves by large wallet investors, coupled with the upcoming token unlock events, indicate a bullish sentiment in the market for these tokens.
