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On-chain data reveals that the prominent market makers Jump Trading and Cumberland, along with popular trading platform Robinhood, transferred millions of MATIC tokens to Binance and Coinbase exchanges over the weekend. This action followed a significant plunge of 30% in Polygon’s MATIC.
Millions of MATICs Transferred to Coinbase and Binance
Crypto analysis platform Lookonchain recently issued multiple warning tweets, revealing that market maker Cumberland transferred more than $6.3 million, equivalent to 9 million MATIC to Binance, and $3.5 million worth of MATIC, roughly 5 million tokens, to Coinbase.
Lookonchain added that another crypto wallet associated with Cumberland, Jump Trading, and Robinhood collectively transferred 9.4 million MATIC to crypto exchanges. With these transfers, the three institutions have moved close to 23.5 million MATIC to crypto exchanges.
The transfer of MATIC tokens to crypto exchanges took place in a liquidity-deficient environment, exacerbating the downturn in the popular altcoin.
Selling in Altcoins Intensified on ADA, SOL and MATIC
Simultaneously, Cardano (ADA) and Solana (SOL) are also exhibiting similar price movements to MATIC, with declines reaching up to 25%. Earlier this week, the U.S. Securities and Exchange Commission (SEC) categorized dozens of altcoins, including MATIC, ADA, and SOL, as securities in separate lawsuits against the world’s largest crypto exchanges, Binance and Coinbase.
Crypto company Matrixport issued a significant warning in a note to CoinDesk, expecting more sales in major altcoins over the weekend.
According to price data provided by CoinMarketCap, the largest cryptocurrency Bitcoin (BTC) is currently trading at $25,593, after a 3.31% decline over the last 24 hours. Ethereum (ETH), the leader of the altcoin market, is not immune to the ongoing market selloff, trading at $1,738 following a 5.26% decline in the last 24 hours.
