A significant altcoin holder recently executed a substantial withdrawal of an Ethereum (ETH)-based cryptocurrency asset from exchanges, following its rapid surge.
The whale, identified as holding 21% of Tellor Tributes’ supply, removed approximately $116 million worth of TRB tokens from exchanges. This move was first brought to attention by crypto reporter Colin Wu.
Wu provided insights into the whale’s activity, stating, “A whale (3 associated addresses) has withdrawn a total of 872,600 TRB (currently worth $116 million) from exchanges since August 30, accounting for 34.5% of the circulating [supply]. On September 4th, 9th, and 15th, three TRB transfers of 100,000 were conducted and transferred to Binance. The whale still holds 540,000 TRB, accounting for 21.4% of circulation.”
TRB serves as the native token for Tellor, a decentralized oracle network that facilitates connections between Ethereum smart contracts and external data sources.
As of the time of reporting, TRB is trading at $31.75, reflecting a remarkable 222% increase in value over the past 30 days.
Wu speculates that the whale’s actions may be geared towards gaining control over a significant portion of liquid TRB tokens. This control could potentially be leveraged to manipulate funding rates, thereby generating income from open futures contracts.
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He stated, “Since August 30, TRB prices have risen as high as $14.45 to $46.3, and in the past 24 hours, TRB spot trading volume has been only $184 million, with a contract volume of $6.748 billion. Whale may control the spot circulation of TRB to obtain contract income and high funding rates.”
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