Blur, a decentralized marketplace for non-fungible tokens (NFTs), and competitor OpenSea are under pressure, down more than 30% from November highs. While BLUR is retreating, on-chain data shows BLUR whales are moving their tokens to leading cryptocurrency exchanges, likely to liquidate them.

Whales in possible selling frenzy

By Lookonchain data On December 7, several whales landed vast amounts of BLUR. For example, 16.85 million BLUR worth approximately $8.43 million was deposited on exchanges in the last 24 hours.

Notably, one of the whales deposited 2.54 million BLUR worth $1.26 million received from the airdrop on Binance. At the same time, Mandala Capital transferred 2.76 million BLUR worth $1.4 million to OKX.

The deluge continued when another whale, marked only with the associated address “0x68b5”, withdrew 3.31 million BLUR worth $1.79 million from Binance between November 25 and 29, and transferred it to the same exchange on December 1. The token collapsed, meaning the whale dropped by approximately $65,000.

It is unclear whether the same addresses are being traded for USDT or other tokens. However, it is known that any transfer of whales to a centralized exchange is associated with liquidation. Therefore, sentiment is affected by whales moving coins in vast batches to exchanges, and retailers may interpret their transfers as upcoming selling pressure.

BLUR is up 220% from October lows

So far, looking at the price action, buyers have the advantage based on a top-down view. The coin is already up 220% from its October lows. Most importantly, buyers have the advantage of looking at the candle pattern on the daily chart.

Even though the token is down 30% from its November highs, the failure of the bears to push the coin below the 20-day moving average (MA) on the daily chart suggests that the uptrend is still in place. Losses below $0.46 or the base of the current bull flag could trigger a sell-off. Conversely, any rise above $0.58 or even $0.69 or the November highs could raise demand, pushing BLUR to $0.84 or higher in the coming sessions.

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Time will tell whether the upward trend will resume. However, it is clear that the broader community is closely monitoring the NFT scene and the Blur market. The recent raise was due to the activation of the Season 2 airdrop, which ended on November 20.

Previously, the token had already surged 150%, only to briefly extend its gains before weakening in the first week of December.

Feature image from Canva, chart from TradingView