“1 INCH” balance of centralized exchange surges to $ 65 million | CoinDesk JAPAN | Coin Desk Japan

According to data tracked by research firm Glassnode, on July 18, the number of crypto assets (virtual currency) held in wallets tied to centralized exchanges exceeded 184.28 million (about $65 million, about ¥9.1 billion), a record high.

The so-called exchange balance increased by 50% in three days, representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of 1inch.exchange, a decentralized exchange (DEX) aggregator launched in December 2020.

Investors typically move their coins to exchanges when they sell them or invest them as margins for derivative trades. Therefore, a significant increase in balances held in exchange wallets is widely considered a precursor to price volatility.

It shows that the number of 1INCH held in wallets tied to centralized exchanges has surged to a record high. (Glassnode)

1INCH fell 10% to 36 cents on the 18th, its biggest drop since June 10th. The cryptocurrency was trading at 35 cents at the time of writing, down 18% in a week. The drop expelled most of the price surge from 30 cents to nearly 60 cents observed in the seven days ending July 16th.

Prithvir Jhaveri, co-founder and CEO of Loch Research, said profit-taking by whales was one of the reasons for the price drop.

“Whales that started pumping have reduced their token holdings to 91 million tokens, which is less than they had before they started pumping,” Jhaveri said Wednesday.tweeted. “This whale was sold at a high price in line with the sale of Celsius.”

On July 17, bankrupt crypto lending company Celsius moved over $1 million worth of ZRX, 1INCH and Tether gold-pegged stablecoin XAUT to institutional crypto exchange FalconX for possible liquidation in exchange for Bitcoin (BTC) and Ethereum (ETH).

｜Translation: CoinDesk JAPAN
｜Editing: Toshihiko Inoue
| Image: Glassnode
｜Original: 1Inch Token Balance on Centralized Exchanges Surges to $65M