1Inch Token Balance on Centralized Exchanges Surges to $65M
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The balance of 1INCH tokens held in wallets tied to centralized exchanges has surged by 50% in three days, according to data from Glassnode. The boost in exchange balance suggests that investors are moving coins to exchanges when intending to sell or deploy coins as a margin for trading derivatives. This is widely considered a precursor to price volatility. 1INCH fell by 10% to 36 cents on Tuesday, registering its biggest single-day drop since June 10. The decline has been attributed to profit-taking by a whale, according to Prithvir Jhaveri, co-founder and CEO of Loch Research.
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