Chiliz [CHZ] Finds Favor With ETH Whales but Is It Enough for a Bullish Pivot?

ETH whales have started accumulating CHZ.
Assessing the likelihood of a pivot after CHZ’s latest downside

Chiliz‘s native cryptocurrency has been on a bearish trajectory for the last 10 days. It tanked by roughly 41% during this time, but the bears might be about to take a recess. According to a WhaleStats observation on 28 November, ETH whales were buying CHZ after the sizable discount.

According to the WhaleStats analysis, CHZ has kicked off this week with noteworthy demand from ETH whales. It joined the list of the top 10 most purchased tokens by ETH whales. In other words, ETH whales are taking advantage of the CHZ’s latest discount, a move that might trigger a rally this week.

(By Michael Nderitu)

Chiliz

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1.Jump Trading is redeeming 120,000 wstETH in batches into ETH and then transferring it to CEX
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According to the monitoring of on-chain analyst Yu Jin, Jump Trading may be selling ETH: they are currently redeeming a wstETH (120,000 pieces) worth $410 million in batches into ETH and then transferring it to exchanges such as Binance/OKX. So far, they have unpacked and redeemed 83,000 wstETH into 97,500 ETH in the 9 days since July 25. Among them, 66,000 ETH (191.4 million US dollars) have entered the exchange.At present, there are still 37,600 wstETH in their wstETH storage address that have not been transferred out; 11,500 stETH in the redemption ETH address is being redeemed into ETH; and 20,000 ETH in the ETH transfer address to the exchange are waiting to enter the exchange in batches.