TechFlow reports, according to on-chain analyst Yujin's monitoring, that a whale transferred 1.37 million SNX (worth $2.83 million) to Coinbase nine hours after the recent market rebound. Over the past eight days, this whale has transferred a total of 3.94 million SNX (worth $8.21 million) into Coinbase, and subsequently withdrawn 7.8 million USDC from Coinbase in several transactions.
These SNX tokens may have been fully or largely sold, and it is precisely this whale's selling pressure that has caused SNX to underperform relative to the broader market.
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