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Bluezelle (BLZ) caught the attention of investors by reaching $0.21, its highest price since 2023, with a 425% increase between August 4th and September 20th. Over-the-chain analysts shared their views on how recent whale movements could affect BLZ prices.
Whale Activity in BLZ
The price of Bluzelle rose towards its 2023 peak of $0.21 in September, thanks to its pairing on Binance. However, some bearish whale movements could push BLZ towards a downward momentum. Bluzelle, which has not been able to provide significant improvement in fundamental network traction to support the recent price increase, has experienced a 40% loss since its local peak on September 20th.
After experiencing losses for three consecutive weeks, crypto whales may be preparing to sell. LookOnchain, a crypto analysis platform, reported in a series of posts that many crypto whale wallets started transferring their tokens to the Binance exchange on Wednesday. Wallets holding at least 1% of a cryptocurrency’s circulating supply or up to $100,000 are considered whales and have a significant impact on the blockchain ecosystem due to their financial power.
According to LookOnchain, three prominent whale wallets currently hold 134.5 million BLZ (27% of the total supply), which is valued at $16.2 million at the current BLZ price of $0.12. Therefore, if these wallets dispose of a significant portion of the tokens, they could also prompt other strategic retail investors to sell. Analysts closely examining on-chain data noted that net flows on the Bluzelle exchange reached a 14-month high, confirming the potential downward trend indicated by the recent whale transactions reported by LookOnchain.
Rising Outflows in BLZ!
On October 10th, the inflow of Bluzelle into crypto exchanges exceeded outflows by a figure of 8.3 million. The IntoTheBlock chart also shows that September 27th was the latest date when BLZ recorded such significant exchange net flows. Exchange Netflows can provide a daily snapshot of the difference between total token outflows and new inflows into crypto exchange wallets. A positive net flow indicates that investors are moving more tokens to exchanges than those being moved to long-term storage and self-custody.
The 14-day peak in BLZ exchange net flows may indicate that investors are trying to exit their positions in the coming days, creating downward pressure on the BLZ price. Increasing tensions in the Middle East may further incentivize whales to swap their BLZ positions for less volatile, larger-scale projects.
