Deep-pocketed traders triggered a price crash over the weekend after depositing a huge chunk of an altcoin’s supply to digital asset exchanges.

According to blockchain tracking firm Lookonchain, whales in the Bounce (AUCTION) market have been greatly influencing the altcoin’s price action for the past week, causing massive swings in both directions.

Bounce Finance is a decentralized auction platform enabling auctions for various assets, such as physical assets tokenized on the blockchain and non-fungible tokens (NFTs).

AUCTION tokens are used for governance, staking, and fees for participating in auctions or creating NFTs on the platform.

Lookonchain says that in the last several days, whales sent over 14% of the circulating supply of AUCTION to Binance, the largest crypto exchange in the world by volume, and OKX. Those deposits presumably led to coins being sold on the open market, which ultimately caused prices to plummet.

Says Lookonchain,

“AUCTION Whales deposited 1.08 million AUCTION ($48.6 million, 14.26% of the total supply) into Binance and OKX again, causing the price to plummet by 50%.

Pay attention to price changes.”

At time of writing, AUCTION has not recovered, currently trading at $20.93 with a market cap of $137 million. AUCTION is ranked as the 363rd-largest crypto asset by market cap.

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Market intelligence platform CryptoQuant says that the Ethereum (ETH) reserves of Bybit are recuperating after the crypto exchange was hacked to the tune of $1.4 billion.

In a new thread on the social media platform X, Julio Moreno – CryptoQuant’s head of research – says that Bybit is seeing inflows worth over $390 million in ETH.

“Bybit’s ETH reserves are slowly recovering. The exchange has experienced positive net flows of 139,000 ETH since the hack.”

Previous reports indicate that the Singapore-based exchange suffered the biggest exploit in the digital assets industry when a bad actor took control of its ETH cold wallet, which stores keys offline.

According to recent data from the blockchain tracker Lookonchain, Bybit’s rapid recovery of ETH is being aided by other digital asset firms as well as crypto whales.

“Since being hacked, Bybit has received 145,879 ETH ($390 million) in loans and deposits. Whales withdrew 47,800 ETH ($127.56 million) from Binance to Bybit as loans.

Bitget transferred 40,000 ETH ($106 million) to Bybit as loans. Whale ‘0x3275’ transferred 20,000 ETH ($53.7 million) to Bybit as loans.

[The crypto exchange] MEXC transferred 12,652 stETH ($33.74 million) to Bybit as loans.

Whale ‘0xd7CF’” bought 15,427 ETH ($42.2 million) from CEXs (centralized exchanges) and DEXs (decentralized exchanges), then deposited it to Bybit.

A wallet suspected to be Fenbushi Capital deposited 10,000 ETH ($27 million) to Bybit.”

Furthermore, Lookonchain finds that Bybit itself purchased $197 million ETH via over-the-counter transactions.

Ethereum is trading for $2,808 at time of writing, a 1.5% increase during the last 24 hours.

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A large entity is reportedly accumulating Uniswap’s native token UNI, according to blockchain tracking firm Lookonchain.

Citing data from on-chain “de-anonymizer” Arkham, Lookonchain reports that an unknown deep-pocketed investor has begun withdrawing UNI from Binance, the largest crypto exchange in the world.

“A giant whale is accumulating UNI!

This whale has withdrawn a total of 1.7 million UNI ($15.54 million) from Binance in the [past days].”

According to Arkham’s data, the whale also holds $15.8 million in Tether’s USDT in the same wallet which was created only about two weeks ago.

Uniswap is the second-largest decentralized exchange (DEX) in the world, according to CoinGecko, and UNI is its governance token. Uniswap is the top DEX operating on Ethereum (ETH).

At time of writing, UNI is trading for $9.22, up over 50% in the past year.

Lookonchain also reported two whales loading up on HYPE, the native token for the layer-1 DEX Hyperliquid.

“Whales are buying HYPE.

0xfD7A…Ea8d deposited 3 million USDC to Hyperliquid and bought 130,422 HYPE ($2.96 million).

0x3369….ADdF deposited 6.95 million USDC to Hyperliquid and bought 186,964 HYPE ($4.24 million).”

At time of writing, HYPE, which only launched just over two months ago, is trading for $23.52, up over 5% on the day.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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