- Lookonchain revealed earlier today that an address deposited millions of USDT to Binance.
- .The analysis firm believes the address could be gearing up to buy altcoins at the market bottom.
- ADA, MATIC, and SOL all suffered price drops of more than 20% over the past day.
The on-chain analysis firm, Lookonchain, shared a post on Twitter this morning about a particular smart money investor that has made it a habit to make big moves during big crypto events or selloffs. According to the post, the address called “smartestmoney” deposited more than 12 million USDT into Binance after the price of altcoins dropped.
This behavior from the address could suggest that it is getting ready to accumulate some altcoins at the next market bottom, according to Lookonchain. In March, this same address withdrew 4 million USDC and more than 10k Ethereum (ETH) from FTX before FTX decided to suspend their withdrawals.
In addition to this, the address also ended up making a profit of about $200k in USDT during the USDC depegging earlier this year. The address’s recent deposit to Binance could be fueled by the recent announcement that Robinhood will be delisting Cardano (ADA), Polygon (MATIC), and Solana (SOL).
As a result, these high market cap cryptocurrencies experienced major price decreases over the past 24 hours. This leaves them extremely undervalued, creating the perfect buying opportunity for the “smartestmoney” address and any trader interested in altcoins.
At press time, ADA was trading hands at $0.2421 after it experienced a price drop of more than 22% over the past day. This succeeded in pushing the Ethereum-killer’s weekly performance even further into the red at -35.83%.
Meanwhile, MATIC also suffered major losses throughout the past day of trading, leaving the altcoin trading at $0.5956 after a 22.91% price drop. Consequently, MATIC was trading much closer to its daily low of $0.5605 than its 24-hour high of $0.7879. In addition, the altcoin’s 24-hour trading volume saw a more than 200% increase, which left it standing at $891,766,412.
Robinhood delisting SOL also did the altcoin’s price no favors as it was trading at $14.47 after a 22.07% price decrease. As a result, SOL’s weekly performance stood at -31.60% at press time. The altcoin also ended up weakening against Bitcoin (BTC) and ETH by about 19.66% and 17.67% over the past day.
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