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Polygon Bear

Polygon Continues To Struggle As MATIC Exchange Supply Spikes

Keshav Verma
by Keshav Verma
2 years ago
·
Posted in Polygon
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Polygon has continued to struggle during the past day as on-chain data shows the MATIC exchange supply has spiked.

Polygon Exchange Supply Spikes As Whale Deposits Huge Stack

According to data from the on-chain analytics firm Santiment, a single whale has deposited around $95 million in MATIC to Binance during the past day. The relevant indicator here is the “supply on exchanges,” which, as its name already implies, measures the total percentage of the Polygon circulating supply that’s currently being stored in the wallets of all centralized exchanges.

When the value of this metric increases, it means that a net number of coins is currently entering into the wallets of these platforms. Generally, one of the main reasons why an investor would choose to deposit their coins to exchanges is for selling-related purposes, so this kind of trend can have bearish implications for the asset’s value.

On the other hand, lowering values of the indicator suggest that the investors are withdrawing their coins from the exchanges right now. Since holders usually transfer their coins into self-custodial wallets whenever they want to hold onto them for extended periods, such a trend can be a sign of accumulation, and hence, can be bullish for the cryptocurrency’s price.

Related Reading: Crypto Futures Sees $300M Flush As Bitcoin Plummets Under $26,000

Now, here is a chart that shows the trend in the Polygon supply on exchanges over the last six months:

Polygon Exchange Supply

Looks like the value of the metric has seen a sharp uptrend in the last day or so | Source: Santiment on Twitter

As displayed in the above graph, the Polygon supply on exchanges has registered a rapid increase during the past day. The main contributor of this surge looks to have been a single whale, who has deposited a whopping 115.3 million MATIC (worth around $95.4 million at the time the transfer took place) to the cryptocurrency exchange Binance.

The indicator has now hit a value of around 9.43%, meaning that more than 9% of the entire circulating supply of the asset is now being held in the wallets of exchanges.

A couple of days back, MATIC, as well as the rest of the digital asset sector, saw a price crash after news came out of the US Securities and Exchange Commission (SEC) suing Binance and its CEO over alleged fraud.

During the past day, however, a lot of the market has observed a rebound, with Bitcoin even briefly recovering back above the $27,000 level. Polygon, however, has failed to amass together any such positive move, as its price has only gone downhill.

Related Reading: El Salvador’s Bitcoin Bill Is Now Two Years Old, How Has The Country Fared Since Then?

The massive deposit from the whale responsible for the spike in the supply on exchanges may have been made with the purpose of dumping, which would perhaps provide one of the reasons for why MATIC has performed much worse than the other coins.

MATIC Price

At the time of writing, MATIC is trading around $0.8051, down 9% in the last week.

Polygon MATIC Price Chart

The value of the asset seems to have declined hard during the last few days | Source: MATICUSD on TradingView
Featured image from iStock.com, charts from TradingView.com, Santiment.net
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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