- Miles Deutscher stated that ADA, MATIC, and SOL would witness greater sell pressure.
- The increasing sell pressure results from Robinhood’s removal of these tokens following the SEC’s lawsuit.
- As per Fabian.D’s findings, Robinhood holds a total of $583 million in these tokens.
The crypto analyst Miles Deutscher recently shared insights on the increasing sell pressure on the crypto tokens including ADA, MATIC, and SOL following the SEC’s lawsuit and the subsequent removal of the tokens by Robinhood Markets.
On Monday, the Securities and Exchange Commission (SEC) incorporated a few more cryptocurrencies into the list of “unregistered securities”, in a lawsuit against the crypto exchange Binance, with the estimated deemed securities currently standing at $115 billion crypto. The newly added tokens included BNB, Binance USD (BUSD), Solana (SOL), Cardano (ADA), Polygon (MATIC), and more.
Consequently, the American financial services company Robinhood announced its decision to delist the deemed securities like ADA, MATIC, and SOL from the platform, in an attempt to avoid any conflicts with regulatory bodies.
Deutscher took to Twitter on June 10, notifying his followers of the possibility of an impending sell pressure resulting from Robinhood’s action:
The analyst referred to the findings of the crypto researcher Fabian D, who revealed that of the $1.3 billion in altcoins held by Robinhood, a massive portion of almost $583 million is held in ADA, MATIC, and SOL.
Fabian posted on his Twitter page that Robinhood’s total holding of ADA, SOL, and MATIC makes it “a pretty hefty amount to be sold over the next 3 weeks”:
According to the data released by Fabian, the company owns $170 million in SOL, $250 million in ADA, and $163 million in MATIC. Reflecting on these revelations, Deutscher posited that the removal of these tokens by Robinhood could cause a surge in sell pressure on these tokens, adding that the “users who still hold will be forced to sell on June 27”.
Source: https://coinedition.com/robinhoods-removal-of-ada-sol-and-matic-tends-to-sell-pressure/