{"id":577121,"date":"2024-02-27T21:30:18","date_gmt":"2024-02-27T21:30:18","guid":{"rendered":"https:\/\/wncen.com\/?p=577121"},"modified":"2024-08-15T13:19:08","modified_gmt":"2024-08-15T13:19:08","slug":"polygon-matic-whale-deposit-binance-bearish","status":"publish","type":"post","link":"https:\/\/wncen.com\/all\/polygon-matic-whale-deposit-binance-bearish\/","title":{"rendered":"Polygon (MATIC) Whale Makes Large Deposit To Binance, Bearish Sign?"},"content":{"rendered":"

On-chain data shows a Polygon whale has made a sizeable deposit to the cryptocurrency exchange Binance, a sign that may be bearish for MATIC.<\/p>\n

Polygon Whale Has Deposited $13.7M Worth Of MATIC To Binance<\/h2>\n

According to data from the cryptocurrency transaction tracker service Whale Alert<\/a>, a massive MATIC transaction has been spotted on the blockchain during the past day.<\/p>\n

The transfer in question involved the movement of 13.1 million MATIC, worth almost $13.7 million in US Dollars, when the transaction went through on the network. Given the large scale of the transfer, it’s likely that a whale<\/a> entity was responsible for it.<\/p>\n

Related Reading: 95% Of Bitcoin Now In Profit: Why This Could Be A Signal To Sell<\/a><\/div>\n

Whales can be influential beings on the blockchain due to their sheer scale of holdings. As such, their movements can be worth watching, as they may lead to fluctuations in the market or, at the very least, inform us about the sentiment among these humongous entities.<\/p>\n

As for what any such transaction may imply for the market, it comes down to the intent behind it. Below are additional details regarding the latest Polygon whale transfer, which may reveal its context.<\/p>\n

\"Polygon<\/p>\n

Looks like this transfer cost a fee of more than $5 to go through on the Ethereum blockchain | Source: Whale Alert<\/a><\/pre>\n
As is visible above, the sending address involved in this Polygon transaction was an unknown wallet. This means the address was unaffiliated with any known centralized platform like an exchange and, thus, was likely to be an investor’s wallet.<\/p>\n
On the other hand, the receiving address was connected to a centralized entity: the cryptocurrency exchange Binance<\/a>. Moves like this that go from unknown wallets to exchanges are known as exchange inflows.<\/p>\n
The whale making an inflow to Binance suggests they wanted to use one of the platform’s services, which can include selling. As such, the transaction may prove to be bearish for Polygon’s price if the whale ends up selling their stack.<\/p>\n
MATIC Is Behind Market With Only 1% Surge Today<\/h2>\n
Whereas the rest of the cryptocurrency market has been racing up in the past day, led by Bitcoin’s strong surge towards $57,000, Polygon has lagged as the asset has only been able to see an uplift of 1% in the last 24 hours.<\/p>\n
The below chart shows how the coin has performed in the last few days.<\/p>\n
\"Polygon<\/p>\n
The price of the asset appears to have seen some uplift in the past day | Source: MATICUSD on TradingView<\/a><\/pre>\n
However, Polygon’s returns of around 7% over the past week aren’t too far off from Bitcoin’s 9% profits in the same period. Still, the relatively poor performance in the past day may be why the whale has potentially decided to sell their large stack.<\/p>\n
Related Reading: Ethereum Leaves Bitcoin Behind, But Is This Rally Sustainable?<\/a><\/div>\n
Regarding market cap<\/a>, MATIC is currently the 14th largest coin in the sector, with its closest competitor, Polkadot (DOT), speeding away with its gains of more than 6%.<\/p>\n
\"Polygon<\/p>\n
The market cap of the asset seems to be around $10 billion at the moment | Source: CoinMarketCap<\/a><\/pre>\n
Featured image from Thomas Kelley on Unsplash.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows a Polygon whale has made a sizeable deposit to the cryptocurrency exchange Binance, a sign that may be bearish for MATIC. Polygon Whale Has Deposited $13.7M Worth Of MATIC To Binance According to data from the cryptocurrency transaction tracker service Whale Alert, a massive MATIC transaction has been spotted on the blockchain during the past day. The transfer in question involved the movement of 13.1 million MATIC, worth almost $13.7 million in US Dollars, when the transaction went through on the network. Given the large scale of the transfer, it’s likely that a whale entity was responsible for it. Related Reading: 95% Of Bitcoin Now In Profit: Why This Could Be A Signal To Sell Whales can be influential beings on the blockchain due to their sheer scale of holdings. As such, their movements can be worth watching, as they may lead to fluctuations in the market or, at the very least, inform us about the sentiment among these humongous entities. As for what any such transaction may imply for the market, it comes down to the intent behind it. Below are additional details regarding the latest Polygon whale transfer, which may reveal its context. Looks like this transfer cost a fee of more than $5 to go through on the Ethereum blockchain | Source: Whale Alert As is visible above, the sending address involved in this Polygon transaction was an unknown wallet. This means the address was unaffiliated with any known centralized platform like an exchange and, thus, was likely to be an investor’s wallet. On the other hand, the receiving address was connected to a centralized entity: the cryptocurrency exchange Binance. Moves like this that go from unknown wallets to exchanges are known as exchange inflows. The whale making an inflow to Binance suggests they wanted to use one of the platform’s services, which can include selling. As such, the transaction may prove to be bearish for Polygon’s price if the whale ends up selling their stack. MATIC Is Behind Market With Only 1% Surge Today Whereas the rest of the cryptocurrency market has been racing up in the past day, led by Bitcoin’s strong surge towards $57,000, Polygon has lagged as the asset has only been able to see an uplift of 1% in the last 24 hours. The below chart shows how the coin has performed in the last few days. The price of the asset appears to have seen some uplift in the past day | Source: MATICUSD on TradingView However, Polygon’s returns of around 7% over the past week aren’t too far off from Bitcoin’s 9% profits in the same period. Still, the relatively poor performance in the past day may be why the whale has potentially decided to sell their large stack. Related Reading: Ethereum Leaves Bitcoin Behind, But Is This Rally Sustainable? Regarding market cap, MATIC is currently the 14th largest coin in the sector, with its closest competitor, Polkadot (DOT), speeding away with its gains of more than 6%. The market cap of the asset seems to be around $10 billion at the moment | Source: CoinMarketCap Featured image from Thomas Kelley on Unsplash.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":577140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[10768,40670,76656,83584,88166,91750,91749,91746,91747,91748],"class_list":["post-577121","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all","tag-binance","tag-matic","tag-maticusd","tag-polygon","tag-polygon-bearish","tag-polygon-exchange-inflow","tag-polygon-selling","tag-polygon-whale","tag-polygon-whale-deposit","tag-polygon-whale-selling"],"acf":[],"yoast_head":"\nPolygon (MATIC) Whale Makes Large Deposit To Binance, Bearish Sign?<\/title>\n<meta name=\"description\" content=\"On-chain 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Polygon (MATIC) Whale Makes Large Deposit To Binance, Bearish Sign?","url":"http:\/\/wncen.com\/all\/polygon-matic-whale-deposit-binance-bearish\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/all\/polygon-matic-whale-deposit-binance-bearish\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/thomas-kelley-t20pc32VbrU-unsplash.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/thomas-kelley-t20pc32VbrU-unsplash.jpg?fit=5233%2C3489"},"articleSection":"All","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","matic","maticusd","polygon","polygon bearish","polygon exchange inflow","polygon selling","polygon whale","polygon whale deposit","polygon whale selling"],"dateCreated":"2024-02-27T21:30:18Z","datePublished":"2024-02-27T21:30:18Z","dateModified":"2024-08-15T13:19:08Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Polygon (MATIC) Whale Makes Large Deposit To Binance, Bearish Sign?\",\"url\":\"http:\\\/\\\/wncen.com\\\/all\\\/polygon-matic-whale-deposit-binance-bearish\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/all\\\/polygon-matic-whale-deposit-binance-bearish\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/thomas-kelley-t20pc32VbrU-unsplash.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/02\\\/thomas-kelley-t20pc32VbrU-unsplash.jpg?fit=5233%2C3489\"},\"articleSection\":\"All\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"matic\",\"maticusd\",\"polygon\",\"polygon bearish\",\"polygon exchange inflow\",\"polygon selling\",\"polygon whale\",\"polygon whale deposit\",\"polygon whale selling\"],\"dateCreated\":\"2024-02-27T21:30:18Z\",\"datePublished\":\"2024-02-27T21:30:18Z\",\"dateModified\":\"2024-08-15T13:19:08Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/02\/thomas-kelley-t20pc32VbrU-unsplash.jpg?fit=5233%2C3489","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/577121"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=577121"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/577121\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/577140"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=577121"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=577121"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=577121"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}