7.3 mln BLUR tokens hit exchanges: Gauging the impact on prices

• Wintermute moved 7.3 million Blur tokens to two exchanges.
• BLUR has lost over 2% in value after gaining almost 4% in the previous trading session.

Wintermute has recently transferred a significant number of its Blur [BLUR] tokens to various cryptocurrency exchanges. How has this action affected the token’s performance, and what has been the recent price trend?

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Millions of BLURs hit exchanges

As per etherscan, Wintermute recently transferred 7 million tokens to Kraken and 300,000 tokens to Coinbase. It’s worth noting that the total value of the 7.3 million tokens moved to Kraken amounted to approximately $1.3 million. 

Furthermore, the data also indicated that within the last 30 days, Wintermute had deposited a total of 46.6 million Blur tokens into exchanges. The tokens had a combined value exceeding $8.3 million.

Exchange flow sees spikes

According to Santiment’s exchange flow metric, there was a notable surge in both inflow and outflow of Blur tokens on 21 September. The inflow chart indicated that more than 7.3 million tokens were transferred to various exchanges, signifying a significant increase in potential sell-offs.

This influx of tokens observed on 21 September marked the highest for the entire month, with the closest figure being approximately 6.8 million tokens on 17 September.

Source: Santiment

Additionally, the outflow of tokens also experienced a spike on the same day as the inflow surge. The outflow chart showed a total of 7.4 million tokens leaving exchanges.

This was the highest outflow recorded during the month, with the second-highest occurring on 17 September, when approximately 6.8 million tokens were withdrawn from exchanges.

Four months streak below its neutral line

Over the past six days, Blur’s daily timeframe chart has shown a pattern of alternating gains and losses. On 21 September, it closed with a gain of 3.98%, reaching a trading price of approximately $0.18.

However, as of this writing, it was trading at around $0.17, reflecting a decrease of more than 2%. 

Source: TradingView

How much are 1,10,100 BLURs worth today?

This lackluster performance has kept Blur firmly entrenched in a bearish trend; a fact highlighted by its Relative Strength Index (RSI). The RSI has remained below the neutral line for more than four months, underscoring the extended duration of its bearish trend.

Furthermore, there has been a slight decrease in Blur’s Total Value Locked (TVL), according to data from DefiLlama. As of this report, the TVL stood at approximately $87 million, down from the figure of over $89 million recorded on 21 September.