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ENA, BIO, API3 explode: Whales withdraw en masse from the exchange, paving the way for a bullish trend?
As of the third week of August, many altcoins have recorded a significant fall in reserve volume on the exchange. This trend reflects the increasing demand for accumulation and holding off the exchange. This is even more noteworthy as the current "altcoin season" becomes more selective.
So which tokens are witnessing a strong wave of Accumulation, and what factors are driving investor optimism?
Ethena (ENA)
According to data from Santiment, the reserve volume of ENA on the exchange has fallen from 1.3 billion to 1.15 billion in the third week of August. In other words, as much as 150 million ENA has left centralized exchanges.
This development coincides with the period when ENA's price surged by 30% in August, rising sharply from 0.51 USD to 0.65 USD.
According to estimates from Tokenomist, this program could remove 3.48% of the circulating supply. Absorbing such selling pressure has reinforced confidence for long-term investors.
In addition, Ethena achieved many important milestones in August: revenue exceeded 500 million USD, while the supply of USDe reached a record level of 11.7 billion USD. These factors combined have driven a wave of Accumulation of ENA and caused reserves on the exchange to decline.
BIO Protocol (BIO)
BIO Protocol, a leading project in the DeSci field, had an impressive performance in August with an increase of over 265%.
Along with the price increase, the volume of BIO reserves on exchanges has also fallen sharply. Since the beginning of August, this figure has dropped from 380 million to 294 million BIO – a decrease of more than 22%.
The third week of August recorded the most significant change: investors withdrew 42 million BIO in just one week, bringing the reserves on the exchange down to the lowest level since the beginning of this year.
In addition, BIO Protocol also introduces a new approach to reaching investors: users are encouraged to discuss the project on social media to receive BioXP, thereby opening access to the first sale of BioAgent.
These combined factors have helped BIO increase its recognition, attract new investors, and accelerate the Accumulation process.
API3
API3 – a project focused on oracle – has regained investor interest in August, with a price increase of more than 130%. At the same time, the volume of API3 reserves on the exchange fell to its lowest level of the year.
This week, over 9 million API3 has been withdrawn from the exchange, causing the reserve volume to drop to only 17.19 million.
In addition, interest in the oracle field has also surged thanks to the breakthrough of Chainlink (LINK). The impressive increase of LINK over the past month has spread to other projects in the same field. Data from Artemis confirms that oracle is the most effective operational area in the market in August.
Thanks to this, the accumulation wave of API3 continues to hold the price of the token stable above 1.5 USD.
Conclusion
The three altcoins above show different factors that have driven a selective price increase wave in August. Although a comprehensive "altcoin season" has yet to emerge, projects with their own momentum – from buyback programs, staking incentives to exchange listings – are the focal points attracting capital flow and investor attention.
Itadori