- The price of BLUR fell by almost 10% on December 7th.
- This is due to increased selling by token whales and institutional investors.
The price of BLUR experienced a significant decline during the trading session on December 7, plummeting nearly 10% in one day.
According to on-chain detective Lookonchain, the sharp drop in altcoin values is due to a surge in selling activity by BLUR whales and institutional investors. On this day, they cumulatively distributed 16.85 million tokens worth about $8 million.
1/ Price $BLUR It’s down about 8% today and I noticed a lot of whales/institutions selling. $BLURTotal 16.85 million $BLUR($8.43 million). pic.twitter.com/7MKqrRMq0y
— Lookonchain (@lookonchain) December 7, 2023
Lookonchain discovered that private equity fund Mandala Capital had deposited 2.76 million BLUR tokens worth $1.4 million on cryptocurrency exchange OKX. The transaction resulted in a loss of approximately $100,000 for the company.
Additionally, five wallets that received BLUR tokens from Coinbase Custody deposited them to various exchanges through Wintermute. This series of transactions involved 8.24 million BLUR tokens worth more than $4.12 million.
Another whale, which withdrew some of its BLUR holdings from Binance between November 15 and 29, returned them to the exchange within the last two days and suffered a loss of $65,000.
Low interest in holding BLUR
Although the value of BLUR has since recorded a slight upward correction, the price/volume differential seen over the past 24 hours suggests that bearish sentiment remains in the token spot market.
At press time, the altcoin was trading at $0.5024 and has seen a 2% price increase over the last 24 hours. CoinMarketCap. However, over the same period, the token’s trading volume decreased by almost 15%.
BLUR’s price and volume moving in opposite directions during the same period indicates a bearish divergence.
This means that a small group of investors can purchase altcoins to boost the price, especially after significant selling by whales. But there is little wider market interest.
An evaluation of BLUR’s Money Flow Index (MFI) on the daily chart confirms that interest in the token is low. At the time of press, the value of this indicator was 28.63 and in a downward trend.
At this value, the token’s MFI signaled that BLUR distribution far exceeds accumulation among day traders.
How much is 1,10,100 BLUR worth now?
BLUR’s Aroon Up Line (orange) was at 0% at the time of this writing, showing that the 2% price rise over the last 24 hours was not supported by actual demand for the token.
This indicator is used to identify trend strength and potential trend reversal points in the price movements of crypto assets. If an asset’s Aroon Up Line is close to 0, the upward trend is weak. It also suggests that the most recent peak was reached a long time ago.
Source: TradingView