• Whales are withdrawing large quantities of DYDX and GMT tokens from Binance on Tuesday. 
  • Around $114 million worth of DYDX tokens, or 11.35% of the asset’s circulating supply, will be unlocked on April 1.
  • GMT token has a scheduled linear unlock of 3.32 million tokens on April 1. 

The amount of dYdX (DYDX) and GMT (GMT) tokens in exchanges has been declining for the last few days, with several large-wallet investors moving large quantities of these coins out from Binance on Tuesday. These outflows come ahead of the upcoming token unlock event on April 1. 

Token unlocks generally lead to a price decline as the release of more supply tends to increase the selling pressure on the asset. This could be a reason for the increasing outflows from exchanges. 

DYDX and GMT withdrawn in large volumes

On-chain data from Spotonchain shows that large wallet investors are pulling DYDX and GMT tokens in large volumes off Binance, accumulating the assets in their portfolio, outside of the exchange. A whale wallet address that currently holds $13.9 million worth of DYDX tokens withdrew 1.86 million DYDX from Binance at an average price of $3.578 early on Tuesday. 

After the move, the whale has $1.12 million in unrealized gains on their DYDX holdings.

Also on Tuesday, another big wallet withdrew 46.2 million GMT tokens from Binance at an average price of  $0.346, worth around $16 million in total.. The wallet address holds a total of $30.3 million worth of GMT tokens and is sitting on $2.2 million in unrealized gains, according to Spotonchain data. 

In the past two days, two other whales have withdrawn a total of 98.95 million GMT tokens worth nearly $32 million from Binance.  


GMT transactions by whales

DYDX and GMT supply on exchanges has consistently dropped in the last two weeks. Since March 9, DYDX supply is down by 5.5 million, while 2.06 million GMT tokens left exchanges.

These declines occurred ahead of the upcoming unlock event for both tokens. Generally, a drop in the token’s supply reduces the selling pressure on an asset and paves the way for price gains. In the case of DYDX and GMT, declining supply on exchanges combined with whale accumulation is a sign that large wallet addresses expect an increase in price.


DYDX Supply on Exchanges. Source: Santiment 


GMT token Supply on Exchanges. Source: Santiment 

Tokenunlocks data shows DYDX will unlock over 11% of its circulating supply worth $114 million on April 1, the same day when GMT begins its linear token unlock of 3.32 million tokens, worth $994,280 every day.

Combining the on-chain data with the upcoming token unlock, it is likely that DYDX and GMT token prices sustain their recent gains despite the unlock event. Whale movements are known to influence asset prices, since whales are pulling DYDX and GMT off exchanges, they are likely to ease the selling pressure and support the tokens’ price against a steep correction in the coming days and weeks. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Bitcoin price tanks to $62K ascribed to geopolitical tension a week to BTC halving

Bitcoin price tanks to $62K ascribed to geopolitical tension a week to BTC halving

Bitcoin price is dumping, and with it, most players in the cryptocurrency market arena. It comes in the final week to the BTC halving, expected on April 20. As crypto markets bleed, capital appears to be shifting to precious metals.

More Bitcoin News

Blast-based Leaper Finance flagged as expert cites nearly $1 million bait

Blast-based Leaper Finance flagged as expert cites nearly $1 million bait

Renowned on-chain detective ZachXBT has flagged Leaper Finance, a new project on Layer 2 network Blast. Blast is an EVM-equivalent optimistic rollup on Ethereum, offering native yield for Ethereum as well as stablecoins (USDC, USDT, DAI) for depositors.

More Cryptocurrencies News

Solana Price Prediction: SOL primed for recovery if bulls hold $130

Solana Price Prediction: SOL primed for recovery if bulls hold $130

Solana (SOL) price is nurturing a recovery rally along with the broader market as Bitcoin price reclaims $64,000. Amid mounting selling pressure, SOL dipped 20% on the weekly timeframe and 5% in the last day.

More Solana News

Will Celestia price’s bounce trigger a 50% rally for TIA bulls?

Will Celestia price’s bounce trigger a 50% rally for TIA bulls?

Celestia, like the broader cryptocurrency market, is trading with a bearish bias. However, the altcoin has missed out on the recent rally that saw the Bitcoin price ascend past the $70,000 psychological level.

More Celestia News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. 

Read full analysis