Crypto
Cumberland's $1.41M Polygon Withdrawal Fails to Stem Selling Pressure
A Cumberland wallet recently withdrew 14.6 million Polygon tokens worth $1.41 million from major exchanges, including Binance and Coinbase.
According to analyst Nazoku, this move is often a directional signal that brings about temporarily reduced selling pressure.
However, the market remains under intense selling pressure, with increased sell-side activity from both institutions and individual investors.
The Polygon Exchange Supply Ratio has been on an upward trajectory over the past week, indicating more POL flowing into exchanges and potentially leading to a weakened market structure and price drop.