Blur, a decentralized non-fungible token (NFT) marketplace, and OpenSea competitor is under pressure, tumbling by over 30% from its November peaks. While BLUR retreats, on-chain data reveals that BLUR whales have been moving their tokens to leading crypto exchanges, possibly to liquidate. 
<h2 id="whales-on-a-possible-selling-spree">Whales On A Possible Selling Spree</h2> 
According to Lookonchain&nbsp;<a class="editor-rtfLink" href="https://twitter.com/lookonchain/status/1732589495206498737" target="_blank" rel="noopener nofollow">data</a>&nbsp;on December 7, several whales have been offloading large amounts of BLUR. To illustrate, 16.85 million BLUR, worth roughly $8.43 million, were deposited to exchanges in the past 24 hours.&nbsp; 
Notably, one whale deposited 2.54 million BLUR, worth $1.26 million, received from the airdrop to Binance. At the same time, Mandala Capital transferred 2.76 million BLUR, worth $1.4 million, to OKX.&nbsp; 
<img loading="lazy" decoding="async" class="size-full wp-image-564433" src="https://www.newsbtc.com/wp-content/uploads/2023/12/GAtkx0raMAAgMbI.jpeg?resize=1024%2C456" alt="Mandala Capital sends BLUR to OKX | Source: Lookonchain via X" width="1024" height="456" srcset="https://www.newsbtc.com/wp-content/uploads/2023/12/GAtkx0raMAAgMbI.jpeg?resize=1024%2C456?w=2556 2556w, https://www.newsbtc.com/wp-content/uploads/2023/12/GAtkx0raMAAgMbI.jpeg?resize=1024%2C456?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/12/GAtkx0raMAAgMbI.jpeg?resize=1024%2C456?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/12/GAtkx0raMAAgMbI.jpeg?resize=1024%2C456?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/12/GAtkx0raMAAgMbI.jpeg?resize=1024%2C456?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/12/GAtkx0raMAAgMbI.jpeg?resize=1024%2C456?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/12/GAtkx0raMAAgMbI.jpeg?resize=1024%2C456?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/12/GAtkx0raMAAgMbI.jpeg?resize=1024%2C456?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
The deluge continued as another whale, only marked by the associated “0x68b5” address, withdrew 3.31 million BLUR worth $1.79 million from <a href="https://www.newsbtc.com/binance/binance-ceo-disputes-jpmorgan-chiefs-critique-of-crypto/" target="_blank" rel="noopener ">Binance</a> between November 25 and 29 before moving them to the same exchange on December 1. The token had fallen, meaning the whale was down by roughly $65,000. 
It is unclear whether the same addresses are sold for USDT or other tokens. However, what’s known is that any whale transfers to a centralized exchange is associated with liquidation. Accordingly, sentiment is impacted when whales move coins in large batches to exchanges, and retailers could interpret their transfers as incoming selling pressure. 
<h2 id="blur-is-up-220-from-october-lows">BLUR Is Up 220% From October Lows</h2> 
Thus far, looking at price action, buyers have the lead from a top-down preview. The coin is already up 220% from October lows. Most importantly, buyers have the upper hand, looking at the candlestick arrangement in the daily chart.&nbsp; 
Even though the token is down 30% from November peaks, the failure of bears to force the coin below the 20-day moving average (MA) in the daily chart suggests that the uptrend is still valid. Losses below $0.46, or the base of the current bull flag, might trigger a sell-off. Conversely, any upswing above $0.58 and even $0.69–or November highs, could drive more demand, lifting BLUR to $0.84 or higher in the coming sessions. <a href="https://www.tradingview.com/x/jHwMcGzR/" rel="nofollow"><img loading="lazy" decoding="async" class="size-full" src="https://www.tradingview.com/x/jHwMcGzR/" alt="BLUR prices trending sideways on the daily chart | Source: BLURUSDT on OKX, TradingView" width="1233" height="592"></a> 
Related Reading: <a href="https://www.newsbtc.com/binance/binance-ceo-disputes-jpmorgan-chiefs-critique-of-crypto/" target="_blank" rel="noopener ">Binance CEO Disputes JPMorgan Chief’s Critique Of Crypto</a> 
Whether the uptrend will resume also remains to be seen. What’s clear, though, is that the broader community is closely monitoring the NFT scene and Blur, the marketplace. The recent upswing was due to the activation of Season 2 Airdrop, which ended on November 20. 
Ahead of this, the token was already up 150%, only to extend gains briefly before cooling off in the first week of December.

BLUR Is Down 30%, And Whales Are To Blame–Here’s Why

Table of Contents

NewsBTC

Other articles published on Dec 8, 2023

BTC rallying, Bitcoin clones could surge in 2024

Chainlink’s early access staking attracts $632m in LINK

Cake Group co-founder files application to wind up company in Singapore

VanEck Predicts All-Time Highs for Bitcoin Despite Anticipated US Recession

XRP Briefly Tops BNB by Market Cap

Understanding DEXs and the Role of Liquidity Providers

Join our free newsletter for daily crypto updates!