Whales Are Withdrawing Massive Tokens

Key Points:

• Zhu Su’s arrest has heightened OX selling pressure concerns.
• Significant withdrawals of OX from wallets “0xBa85” and “0xe7a6” have occurred, but no substantial sell-offs have followed.
• Following the news of Zhu Su’s arrest, OX experienced a 50% price crash, and an individual quickly sold a sizable OX holding.

Zhu Su’s arrest sent shockwaves, driving OX selling pressure. Notable wallet withdrawals, a 50% price crash, and a curious sell-off added to the intrigue.

The recent arrest of Zhu Su, co-founder of the now-defunct crypto hedge fund Three Arrows Capital, has sent ripples through the crypto market. One immediate consequence has reportedly been the growing selling pressure on OX, the Open Exchange Token. Lookonchain, a leading crypto analytics platform, has closely monitored the situation.

Wallet Withdrawals and OX Selling Pressure

Two significant wallet movements have caught the attention of Lookonchain. Wallet “0xBa85” withdrew a substantial $68.3 million worth of OX, and “0xe7a6” withdrew $5.82 million. The question on everyone’s mind is whether these wallets will join the selling spree or hold their OX assets.

The impact of Zhu Su’s arrest on $OX was felt immediately, with a steep 50% price crash, as shown by CoinMarketCap. This sharp decline raised concerns about the overall stability and resilience of the token.

Moreover, Lookonchain had previously highlighted an individual accumulating 304,599 OX tokens valued at $7,000 over the past month. Surprisingly, they hastily sold their holdings following news of Zhu Su’s arrest.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.