1Inch Token Balance on CEX Reaches $65M

1Inch Token Balance on CEX Reaches $65M

The Rising Exchange Balance of 1INCH Tokens and its Impact on Price Volatility

The blockchain industry has witnessed a significant increase in the exchange balance of 1INCH tokens held in wallets tied to centralized exchanges. According to data tracked by analytics firm Glassnode, on Tuesday, the number of 1INCH tokens held in exchange wallets reached a record high of over 184.28 million, equivalent to $65 million 1. This surge in exchange balance represents approximately 18.65% of the circulating supply of 987.6 million tokens and 12.2% of the total supply of 1.5 billion tokens 2.

The native token of decentralized exchange (DEX) aggregator 1inch, 1INCH, was launched in December 2020 3. Investors often move their coins to exchanges when they intend to sell or utilize them as margin for trading derivatives. Therefore, an increase in the balance held in exchange wallets is considered a significant precursor of price volatility 4.

The impact of this increasing exchange balance is already reflected in the price of 1INCH. On Tuesday, the cryptocurrency experienced a 10% decline, falling to 36 cents, which marked its largest single-day decline since June 10 5. At present, 1INCH is trading at 35 cents, down 18% for the week 6. This decline has essentially reversed the token’s surge from 30 cents to nearly 60 cents, observed in the seven days leading up to July 16 7.

One of the contributing factors to this price drop, as highlighted by Prithvir Jhaveri, co-founder and CEO of Loch Research, is profit taking by a whale 8. This whale, who initiated the pump, decreased their holdings to 91 million tokens, which is less than what they held before the pump. Jhaveri also mentioned that the whale sold at the top, coinciding with Celsius, a bankrupt crypto lender, liquidating a significant amount of 1INCH tokens 9.

Celsius recently moved more than a million worth of ZRX, 1INCH, and Tether’s gold-pegged stablecoin XAUT to institutional crypto exchange FalconX, potentially to liquidate them for bitcoin and ether 10. This move by Celsius adds to the market dynamics surrounding 1INCH and its price volatility.

The blockchain industry is constantly evolving, and understanding the factors that impact token prices is crucial for investors and traders. The increasing exchange balance of 1INCH tokens serves as an indicator of potential price volatility. As investors seek to take profits or engage in margin trading, they often move their tokens to exchanges, influencing the supply and demand dynamics of the token.

To summarize the key insights:

  • The exchange balance of 1INCH tokens held in centralized exchange wallets has reached a record high, representing a significant portion of the circulating and total supply.
  • An increase in the exchange balance of tokens is considered a precursor of price volatility in the blockchain industry.
  • The price of 1INCH has experienced a notable decline, partially attributed to profit-taking by a whale and the liquidation of tokens by Celsius.
  • The movement of tokens to exchanges for trading or liquidation purposes impacts the token’s supply and demand dynamics, influencing its price.

In conclusion, the rising exchange balance of 1INCH tokens held in centralized exchange wallets is a crucial indicator of potential price volatility in the blockchain industry. As market participants continue to trade and engage in profit-taking strategies, the dynamics of token supply and demand will play a significant role in shaping the price movements of 1INCH and other cryptocurrencies.

Disclaimer: This article was written and edited by CoinDesk journalists with the sole purpose of providing accurate information to the reader. If you click on a link from Glassnode, CoinDesk may earn a commission. For more, see our Ethics Policy.

Edited by Parikshit Mishra.

  1. Source – CoinDesk, “The number of 1INCH tokens held in wallets tied to centralized exchange on Tuesday rose to a record high of over 184.28 million ($65 million), according to data tracked by analytics firm Glassnode. The so-called exchange balance has increased by 50% in three days, with the tally representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of decentralized exchange (DEX) aggregator 1inch, launched in December 2020. Investors typically move coins to exchanges when intending to sell or deploy coins as margin for trading derivatives. Hence, a notable increase in balance held in exchange wallets is widely considered a precursor of price volatility. 1INCH fell by 10% to 36 cents on Tuesday, registering its biggest single-day (UTC) decline since June 10, data from charting platform TradingView show. The cryptocurrency changed hands at 35 cents at press time, down 18% for the week. The decline has reversed most of the token’s surge from 30 cents to nearly 60 cents observed in seven days to July 16. Per Prithvir Jhaveri, co-founder and CEO of Loch Research, profit taking by a whale is one of the factors responsible for the price drop.”The whale who initiated the pump decreased his holdings to 91m tokens, which is less than what he held before the pump,” Jhaveri tweeted late Tuesday. “The whale sold at the top in conjunction with Celsius selling.” On Monday, bankrupt crypto lender Celsius moved more than a million worth of ZRX, 1INCH and Tether’s gold-pegged stablecoin XAUT to institutional crypto exchange FalconX, potentially to liquidate them for bitcoin and ether.”↩︎

  2. Source – CoinDesk, “The number of 1INCH tokens held in wallets tied to centralized exchange on Tuesday rose to a record high of over 184.28 million ($65 million), according to data tracked by analytics firm Glassnode. The so-called exchange balance has increased by 50% in three days, with the tally representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of decentralized exchange (DEX) aggregator 1inch, launched in December 2020. Investors typically move coins to exchanges when intending to sell or deploy coins as margin for trading derivatives. Hence, a notable increase in balance held in exchange wallets is widely considered a precursor of price volatility. 1INCH fell by 10% to 36 cents on Tuesday, registering its biggest single-day (UTC) decline since June 10, data from charting platform TradingView show. The cryptocurrency changed hands at 35 cents at press time, down 18% for the week. The decline has reversed most of the token’s surge from 30 cents to nearly 60 cents observed in seven days to July 16. Per Prithvir Jhaveri, co-founder and CEO of Loch Research, profit taking by a whale is one of the factors responsible for the price drop.”The whale who initiated the pump decreased his holdings to 91m tokens, which is less than what he held before the pump,” Jhaveri tweeted late Tuesday. “The whale sold at the top in conjunction with Celsius selling.” On Monday, bankrupt crypto lender Celsius moved more than a million worth of ZRX, 1INCH and Tether’s gold-pegged stablecoin XAUT to institutional crypto exchange FalconX, potentially to liquidate them for bitcoin and ether.”↩︎

  3. Source – CoinDesk, “The number of 1INCH tokens held in wallets tied to centralized exchange on Tuesday rose to a record high of over 184.28 million ($65 million), according to data tracked by analytics firm Glassnode. The so-called exchange balance has increased by 50% in three days, with the tally representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of decentralized exchange (DEX) aggregator 1inch, launched in December 2020. Investors typically move coins to exchanges when intending to sell or deploy coins as margin for trading derivatives. Hence, a notable increase in balance held in exchange wallets is widely considered a precursor of price volatility. 1INCH fell by 10% to 36 cents on Tuesday, registering its biggest single-day (UTC) decline since June 10, data from charting platform TradingView show. The cryptocurrency changed hands at 35 cents at press time, down 18% for the week. The decline has reversed most of the token’s surge from 30 cents to nearly 60 cents observed in seven days to July 16. Per Prithvir Jhaveri, co-founder and CEO of Loch Research, profit taking by a whale is one of the factors responsible for the price drop.”The whale who initiated the pump decreased his holdings to 91m tokens, which is less than what he held before the pump,” Jhaveri tweeted late Tuesday. “The whale sold at the top in conjunction with Celsius selling.” On Monday, bankrupt crypto lender Celsius moved more than a million worth of ZRX, 1INCH and Tether’s gold-pegged stablecoin XAUT to institutional crypto exchange FalconX, potentially to liquidate them for bitcoin and ether.”↩︎

  4. Source – CoinDesk, “The number of 1INCH tokens held in wallets tied to centralized exchange on Tuesday rose to a record high of over 184.28 million ($65 million), according to data tracked by analytics firm Glassnode. The so-called exchange balance has increased by 50% in three days, with the tally representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of decentralized exchange (DEX) aggregator 1inch, launched in December 2020. Investors typically move coins to exchanges when intending to sell or deploy coins as margin for trading derivatives. Hence, a notable increase in balance held in exchange wallets is widely considered a precursor of price volatility. 1INCH fell by 10% to 36 cents on Tuesday, registering its biggest single-day (UTC) decline since June 10, data from charting platform TradingView show. The cryptocurrency changed hands at 35 cents at press time, down 18% for the week. The decline has reversed most of the token’s surge from 30 cents to nearly 60 cents observed in seven days to July 16. Per Prithvir Jhaveri, co-founder and CEO of Loch Research, profit taking by a whale is one of the factors responsible for the price drop.”The whale who initiated the pump decreased his holdings to 91m tokens, which is less than what he held before the pump,” Jhaveri tweeted late Tuesday. “The whale sold at the top in conjunction with Celsius selling.” On Monday, bankrupt crypto lender Celsius moved more than a million worth of ZRX, 1INCH and Tether’s gold-pegged stablecoin XAUT to institutional crypto exchange FalconX, potentially to liquidate them for bitcoin and ether.”↩︎

  5. Source – CoinDesk, “The number of 1INCH tokens held in wallets tied to centralized exchange on Tuesday rose to a record high of over 184.28 million ($65 million), according to data tracked by analytics firm Glassnode. The so-called exchange balance has increased by 50% in three days, with the tally representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of decentralized exchange (DEX) aggregator 1inch, launched in December 2020. Investors typically move coins to exchanges when intending to sell or deploy coins as margin for trading derivatives. Hence, a notable increase in balance held in exchange wallets is widely considered a precursor of price volatility. 1INCH fell by 10% to 36 cents on Tuesday, registering its biggest single-day (UTC) decline since June 10, data from charting platform TradingView show. The cryptocurrency changed hands at 35 cents at press time, down 18% for the week. The decline has reversed most of the token’s surge from 30 cents to nearly 60 cents observed in seven days to July 16. Per Prithvir Jhaveri, co-founder and CEO of Loch Research, profit taking by a whale is one of the factors responsible for the price drop.”The whale who initiated the pump decreased his holdings to 91m tokens, which is less than what he held before the pump,” Jhaveri tweeted late Tuesday. “The whale sold at the top in conjunction with Celsius selling.” On Monday, bankrupt crypto lender Celsius moved more than a million worth of ZRX, 1INCH and Tether’s gold-pegged stablecoin XAUT to institutional crypto exchange FalconX, potentially to liquidate them for bitcoin and ether.”↩︎

  6. Source – CoinDesk, “The number of 1INCH tokens held in wallets tied to centralized exchange on Tuesday rose to a record high of over 184.28 million ($65 million), according to data tracked by analytics firm Glassnode. The so-called exchange balance has increased by 50% in three days, with the tally representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of decentralized exchange (DEX) aggregator 1inch, launched in December 2020. Investors typically move coins to exchanges when intending to sell or deploy coins as margin for trading derivatives. Hence, a notable increase in balance held in exchange wallets is widely considered a precursor of price volatility. 1INCH fell by 10% to 36 cents on Tuesday, registering its biggest single-day (UTC) decline since June 10, data from charting platform TradingView show. The cryptocurrency changed hands at 35 cents at press time, down 18% for the week. The decline has reversed most of the token’s surge from 30 cents to nearly 60 cents observed in seven days to July 16. Per Prithvir Jhaveri, co-founder and CEO of Loch Research, profit taking by a whale is one of the factors responsible for the price drop.”The whale who initiated the pump decreased his holdings to 91m tokens, which is less than what he held before the pump,” Jhaveri tweeted late Tuesday. “The whale sold at the top in conjunction with Celsius selling.” On Monday, bankrupt crypto lender Celsius moved more than a million worth of ZRX, 1INCH and Tether’s gold-pegged stablecoin XAUT to institutional crypto exchange FalconX, potentially to liquidate them for bitcoin and ether.”↩︎

  7. Source – CoinDesk, “The number of 1INCH tokens held in wallets tied to centralized exchange on Tuesday rose to a record high of over 184.28 million ($65 million), according to data tracked by analytics firm Glassnode. The so-called exchange balance has increased by 50% in three days, with the tally representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of decentralized exchange (DEX) aggregator 1inch, launched in December 2020. Investors typically move coins to exchanges when intending to sell or deploy coins as margin for trading derivatives. Hence, a notable increase in balance held in exchange wallets is widely considered a precursor of price volatility. 1INCH fell by 10% to 36 cents on Tuesday, registering its biggest single-day (UTC) decline since June 10, data from charting platform TradingView show. The cryptocurrency changed hands at 35 cents at press time, down 18% for the week. The decline has reversed most of the token’s surge from 30 cents to nearly 60 cents observed in seven days to July 16. Per Prithvir Jhaveri, co-founder and CEO of Loch Research, profit taking by a whale is one of the factors responsible for the price drop.”The whale who initiated the pump decreased his holdings to 91m tokens, which is less than what he held before the pump,” Jhaveri tweeted late Tuesday. “The whale sold at the top in conjunction with Celsius selling.” On Monday, bankrupt crypto lender Celsius moved more than a million worth of ZRX, 1INCH and Tether’s gold-pegged stablecoin XAUT to institutional crypto exchange FalconX, potentially to liquidate them for bitcoin and ether.”↩︎

  8. Source – CoinDesk, “The number of 1INCH tokens held in wallets tied to centralized exchange on Tuesday rose to a record high of over 184.28 million ($65 million), according to data tracked by analytics firm Glassnode. The so-called exchange balance has increased by 50% in three days, with the tally representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of decentralized exchange (DEX) aggregator 1inch, launched in December 2020. Investors typically move coins to exchanges when intending to sell or deploy coins as margin for trading derivatives. Hence, a notable increase in balance held in exchange wallets is widely considered a precursor of price volatility. 1INCH fell by 10% to 36 cents on Tuesday, registering its biggest single-day (UTC) decline since June 10, data from charting platform TradingView show. The cryptocurrency changed hands at 35 cents at press time, down 18% for the week. The decline has reversed most of the token’s surge from 30 cents to nearly 60 cents observed in seven days to July 16. Per Prithvir Jhaveri, co-founder and CEO of Loch Research, profit taking by a whale is one of the factors responsible for the price drop.”The whale who initiated the pump decreased his holdings to 91m tokens, which is less than what he held before the pump,” Jhaveri tweeted late Tuesday. “The whale sold at the top in conjunction with Celsius selling.” On Monday, bankrupt crypto lender Celsius moved more than a million worth of ZRX, 1INCH and Tether’s gold-pegged stablecoin XAUT to institutional crypto exchange FalconX, potentially to liquidate them for bitcoin and ether.”↩︎

  9. Source – CoinDesk, “The number of 1INCH tokens held in wallets tied to centralized exchange on Tuesday rose to a record high of over 184.28 million ($65 million), according to data tracked by analytics firm Glassnode. The so-called exchange balance has increased by 50% in three days, with the tally representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of decentralized exchange (DEX) aggregator 1inch, launched in December 2020. Investors typically move coins to exchanges when intending to sell or deploy coins as margin for trading derivatives. Hence, a notable increase in balance held in exchange wallets is widely considered a precursor of price volatility. 1INCH fell by 10% to 36 cents on Tuesday, registering its biggest single-day (UTC) decline since June 10, data from charting platform TradingView show. The cryptocurrency changed hands at 35 cents at press time, down 18% for the week. The decline has reversed most of the token’s surge from 30 cents to nearly 60 cents observed in seven days to July 16. Per Prithvir Jhaveri, co-founder and CEO of Loch Research, profit taking by a whale is one of the factors responsible for the price drop.”The whale who initiated the pump decreased his holdings to 91m tokens, which is less than what he held before the pump,” Jhaveri tweeted late Tuesday. “The whale sold at the top in conjunction with Celsius selling.” On Monday, bankrupt crypto lender Celsius moved more than a million worth of ZRX, 1INCH and Tether’s gold-pegged stablecoin XAUT to institutional crypto exchange FalconX, potentially to liquidate them for bitcoin and ether.”↩︎

  10. Source – CoinDesk, “The number of 1INCH tokens held in wallets tied to centralized exchange on Tuesday rose to a record high of over 184.28 million ($65 million), according to data tracked by analytics firm Glassnode. The so-called exchange balance has increased by 50% in three days, with the tally representing 18.65% of the circulating supply of 987.6 million and 12.2% of the total supply of 1.5 billion. 1INCH is the native token of decentralized exchange (DEX) aggregator 1inch, launched in December 2020. Investors typically move coins to exchanges when intending to sell or deploy coins as margin for trading derivatives. Hence, a notable increase in balance held in exchange wallets is widely considered a precursor of price volatility. 1INCH fell by 10% to 36 cents on Tuesday, registering its biggest single-day (UTC) decline since June 10, data from charting platform TradingView show. The cryptocurrency changed hands at 35 cents at press time, down 18% for the week. The decline has reversed most of the token’s surge from 30 cents to nearly 60 cents observed in seven days to July 16. Per Prithvir Jhaveri, co-founder and CEO of Loch Research, profit taking by a whale is one of the factors responsible for the price drop.”The whale who initiated the pump decreased his holdings to 91m tokens, which is less than what he held before the pump,” Jhaveri tweeted late Tuesday. “The whale sold at the top in conjunction with Celsius selling.” On Monday, bankrupt crypto lender Celsius moved more than a million worth of ZRX, 1INCH and Tether’s gold-pegged stablecoin XAUT to institutional crypto exchange FalconX, potentially to liquidate them for bitcoin and ether.”↩︎

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