Cumberland Withdrawal Fails to Stem Polygon's Selling Pressure

A recent withdrawal of $1.41 million worth of Polygon (POL) tokens from major exchanges, courtesy of Cumberland's wallet, has failed to alleviate the altcoin's selling pressure.

The withdrawals typically reduce supply on order books and temporarily ease selling pressure, but in this case, it appears to have had little impact.

Polygon is still under intense selling pressure, with a Polygon Exchange Supply Ratio (ESR) of 0.00035, a two-week high.

With both institutions and individual investors contributing to the sell-side activity, Polygon's trading volume has climbed by 158% to $83 million, while its spot and futures volumes have also seen significant increases.