Cryptocurrency analyst Joao Wedson, in his latest assessment, pointed out that a large number of altcoins were withdrawn from the Binance exchange, arguing that this signaled a large accumulation by “smart money” in the market.
“The Binance Netflow Heatmap shows that many altcoins are experiencing more outflows than inflows. This typically indicates a long-term holding strategy, the potential for a supply shock, and institutional accumulation,” Wedson said in the statement.
Among the altcoins that experienced intense outflows were:
- ENJ, FET, GHST, SLP, GTC, LINK, ILV, 1INCH, CRV, SKL, ALICE, ETH, UMA, MKR, SHIB, DOGE, SNX and AAVE.
Wedson highlighted the importance of these movements, especially on the Binance exchange:
“Binance is not just an exchange; it's the heart of the global crypto market. Its unparalleled liquidity, institutional-grade compliance, proven track record, and global dominance are why it's favored by whales, institutional investors, and individual investors.”
According to experts, such outflows may mean that investors are moving their assets to cold storage for long-term holdings.
*This is not investment advice.
