Blur, a decentralized  (“NFT”) marketplace and OpenSea competitor has fallen by more than 30% since its November highs. While BLUR is retreating, on-chain data shows that BLUR whales have been transferring their tokens to major crypto exchanges, potentially liquidating them.

“NFT” is on the verge of a selling frenzy.

On December 7, according to Lookonchain data, numerous whales were unloading massive volumes of BLUR. In the last 24 hours, for example, 16.85 million BLUR, worth around $8.43 million, were deposited on exchanges.

Notably, one whale deposited 2.54 million BLUR to Binance, which is worth $1.26 million. At the same moment, Mandala Capital transferred 2.76 million BLUR to OKX, valued at $1.4 million.

Between November 25 and November 29, another whale, only known by the related “0x68b5” address, withdrew 3.31 million BLUR worth $1.79 million from Binance before transferring them to the same exchange on December 1.

It is unknown if the same addresses are sold for USDT or other coins. What is known, however, is that any whale transfers to a centralized exchange are associated with liquidation.

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As a result, when whales transfer significant amounts of coins to exchanges, shops may interpret such transactions as incoming selling pressure.

“NFT” is up 220% from its lows in October.

So far, based on price activity, buyers have taken the lead from a top-down preview. The coin has already risen 220% since its lows in October. Most crucially, based on the candlestick arrangement in the daily chart, buyers have the upper hand.

Even though the token is down 30% from its November highs, the failure of bears to push the coin below the 20-day moving average (MA) on the daily chart implies that the uptrend remains intact. Losses below $0.46, or the current bull flag’s base, might prompt a sell-off.

It remains to be seen whether the rise will resume. What is evident is that the broader community is keeping a close eye on the NFT scene and Blur, the marketplace. The activation of the Season 2 airdrop, which ended on November 20, was what caused the most recent increase.

The token was already up 150% before this, only to extend gains briefly before cooling off in the first week of December.

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