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Millions in Polygon’s MATIC Tokens Were Sent to Binance and Coinbase Ahead of 30% Slide, Data Shows
“Altcoins can crash this weekend even more as trading volumes are thin and market makers such as Binance have become less active,” one crypto firm warned.
Updated Jun 10, 2023, 7:24 a.m. Published Jun 10, 2023, 7:23 a.m.
Millions worth of appeared to be sent by key market makers Jump Trading and Cumberland to crypto exchanges on Friday night ahead of a nearly 30% drop, blockchain data shows.
Analytics firm Lookonchain said in multiple tweets on Saturday that Cumberland had deposited 9 million MATIC, worth over $6.3 million, to Binance and 5 million MATIC, worth $3.5 million, to Coinbase.
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The firm added that another crypto wallet related to Cumberland, Jump Trading and Robinhood deposited a cumulative 9.4 million to crypto exchanges.
Another whale related to #Robinhood, Jump Trading, and #Cumberland deposited 9.4M $MATIC to exchanges in the past 15 hours.
— Lookonchain (@lookonchain) June 10, 2023
Seems like whales/institutions are dumping $MATIC!https://t.co/yqoxOYkwvw pic.twitter.com/OCTGrXs3Iz
These deposits were likely sold on crypto exchanges amid an illiquid environment, contributing to a sudden price decline in MATIC tokens. Similar price movements were seen in and tokens – which fell as much as 25% in the past 24 hours.
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The tokens were likely impacted after being alleged as securities in multiple U.S. Securities and Exchange Commission (SEC) filings against crypto exchanges Binance and Coinbase earlier this week.
As such, crypto services firm Matrixport said in a note to CoinDesk that further selling of major tokens can be expected over the weekend.
“Altcoins can crash this weekend even more as trading volumes are thin and market makers such as Binance have become less active,” the firm said.
Omkar Godbole contributed reporting.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
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- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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