Today, April 21, crypto analyst, Onchain Lens, spotted a prominent whale who completely exited the SPX6900 (SPX) market. Three days ago, the whale completely sold 9 million SPX tokens for $3.88 million USDC at an average price of $0.432 per coin.
Whale sells amid price surge
This whale appears to be a long-term investor who bought the 9 million SPX tokens and held them for quite some time. His sales today seem to have given him remarkable returns based on SPX’s massive price growth over several months ago. Today’s trading chart shows that SPX’s price has risen by 10194.7% in the past year alone. This indicates that SPX has been one of the best performers in the crypto market, beating prominent names like Bitcoin, Ethereum, and others in terms of returns.
While this whale’s activity shows that SPX has strongly attracted huge numbers of traders and large investors, many are currently selling their tokens for big returns. This demonstrates that upcoming assets like SPX can offer massive profits to investors who understand how to grab opportunities. Also, this indicates how uncertain yet profitable virtual currency trading can be for savvy investors who time their movements well.
Why long-term buyers target SPX6900
With this kind of selling activity taking place, SPX’s price is currently seeing a downtrend. With its price has been down 10.10% over the past week. However, today it is up today by 0.8%, currently trading at $0.4606. Today’s price increase shows buying interest though not adequate to overcome the selling pressure.
Currently, on-chain indicators shows mixed results, suggesting SPX is preparing for the next movement. First, according to metrics from Coinglass, today SPX’s Open Interest (OI) dropped by 4.65% from yesterday. This fall in OI shows decreased interest among derivatives traders, hinting a possible price decline. Traders are opting for a wait-and-see attitude as they keenly observe whether the price can stabilize or start to display indicators of a rebound.
However, today SPX’s trading volume rose by 82.40% from yesterday. This shows that a significant amount of SPX tokens are being withdrawn from exchanges, suggesting accumulation by long-term buyers. This surge in demand could trigger a price upturn movement soon. SPX has been in a bullish cycle over the past 12 months, a testimony for the asset’s potential and an attraction for long-term investors in the market.
