Multiple Whales Dump $8.4M Worth of $BLUR Amid Price Decline

A massive sell-off by several crypto whales and institutions has caused the price of $BLUR, the native token of the non-fungible token (NFT) marketplace Blur, to plummet by approximately 8% on Thursday. 

Whales Dump BLUR

According to blockchain tracking firm Lookonchain, multiple whales on Thursday sold 16.85 million $BLUR tokens (worth approximately $8.43 million). 

As revealed by the blockchain tracker, one unknown whale deposited 2.54 million $BLUR tokens (worth approximately $1.26 million) to Binance, likely accompanied by a possible sell-off on the exchange. 

Crypto fund Mandala Capital deposited 2.76 million $BLUR tokens (worth $1.4 million) to the OKX exchange and incurred a loss of around $100,000. 

Another unknown whale withdrew 3.31 million $BLUR tokens (worth $1.79 million) from the Binance exchange between November 25 and 29 and then transferred them back to Binance in the last two days, losing approximately $65,000.

At the time of writing, the whales mentioned above currently hold zero balance of $BLUR in their wallets.

Furthermore, five crypto wallets received 8.24 million $BLUR tokens (valued at roughly $4.12 million) from Coinbase Custody on Thursday and deposited them into separate exchanges through market maker Wintermute. 

Why Dumping?

These recent activities suggest that whales are reacting to the recent price action of $BLUR and decided to sell their tokens to avoid further losses. While prices were already down, the whales might still have been satisfied with their returns and decided to cash out a portion of their holdings.

Meanwhile, continued selling pressure from whales will likely lead to a further decline in $BLUR’s price in the short term. 

The BLUR token has already been experiencing a mild decline in recent days. At the time of writing this line, $BLUR was trading at $0.48, representing an 8.54% decline on the day. The token is down 0.73% in the past seven days and 0.93% in the past two weeks. However, $BLUR has surged 23% since last month.

Source: CoinStats