3 altcoin recorded exchange reserves fall in the last week of August

Investors have been actively accumulating many altcoins in the last week of August. They withdrew assets from exchanges, leading to a significant fall in exchange reserves.

As the altcoin season becomes more selective, exchange reserve data can provide useful information for investors restructuring their portfolios for the final quarter of the year.

Chainlink (LINK)

Data from Santiment shows that the exchange reserves of Chainlink (LINK) have fallen to a one-year low in the last week of August.

Currently, there are about 186.6 million LINK remaining on exchanges, falling from 212 million in July. This means that more than 25 million LINK have been withdrawn in just over a month.

Supply of LINK on the exchange | Source: SantimentThe launch event of Chainlink Reserve at the beginning of August has boosted positive investor sentiment. As of August 28, Chainlink Reserve holds 193,076 LINK tokens.

In late August, Chainlink announced a collaboration with the U.S. Department of Commerce, aiming to bring macroeconomic data such as GDP and the PCE Index on-chain, thereby further strengthening the incentive to accumulate.

Recent charts show a significant change over the past two months. Previously, LINK reserves on exchanges increased alongside the price, indicating selling pressure. However, in recent weeks, the price of LINK has risen while reserves have decreased, signaling continued optimistic sentiment.

Numeraire (NMR)

Data from CoinMarketCap shows that Numeraire (NMR) has increased by 120% in the last week of August, with 24-hour trading volume rising from 460 million to over 1 billion dollars. This strong increase indicates a renewed interest from investors.

Data from Santiment indicates that NMR reserves on exchanges have steadily increased over the years, creating selling pressure and pushing the price down from over 70 to below 7 dollars.

However, in the last week of August, the NMR reserves on the exchange fell to 1.61 million tokens, which means about 350,000 tokens have been withdrawn compared to the beginning of the year.

Although the fall is not too large, this is an important turning point that may signal accumulation activity is about to take place outside the exchanges.

NMR supply on the exchange | Source: SantimentThat week, Numeraire announced that JPMorgan – one of the largest capital allocators in the world for quantitative strategies – committed to investing 500 million dollars into the fund. This announcement has the potential to rekindle positive sentiment.

Data from Cookie.fun confirms that the level of interest and sentiment surrounding NMR has surged significantly.

The psychology and level of interest in Numeraire | Source: Cookie.fun “JP Morgan commits to investing half a billion dollars in Numerai. The level of interest and psychology surged from nearly zero to a high after the news was announced, and NMR also increased by more than 160%. Is this a sign of Wall Street’s growing influence on the crypto market?”, Cookie DAO said.

Toncoin (TON)

Data from Santiment shows that the exchange reserves of Toncoin (TON) fell to 2.96 million at the end of August, the lowest in three months, after decreasing from 3.2 million just a week earlier.

Although the price of TON has remained around 3 dollars for most of the year, this trend of accumulation off the exchange may signal the beginning of a new phase.

TON supply on the exchange | Source: SantimentThe decrease in reserves coincides with Verb Technology’s announcement (NASDAQ: VERB) regarding its TON Treasury strategy, aiming to hold more than 5% of the total circulating supply of Toncoin. The company has completed a private placement of $558 million with over 110 institutional and cryptocurrency investors, using most of the raised funds to purchase TON as a primary treasury reserve asset.

In addition, Robinhood listed Toncoin in the last week of August, opening up opportunities for capital access from new investors in the US.

“Toncoin has just been listed on Robinhood. This is not surprising. 36.2 million new users have joined. Monthly active wallets on ton_blockchain soared to 12.4 million, up to 110 times. TVL increased from $537,000 at the beginning of January to a record $773 million in July. Over 1 billion USDT have been issued in circulation, the fastest milestone in Tether’s history,” said Mario Nawfal – founder of IBC Group.

The fall in reserves on the exchanges of three altcoins reflects the influence of financial institutions and regulatory agencies in the U.S. At the same time, this also suggests that projects with real strength have the potential to enter the mainstream through collaboration with government agencies and large financial entities.

Minh Anh