Weekly Report

Weekly Report, March 20: Kin, Bibox Token, NKN Among Biggest Exchange Deposit Movers

William · Blockchain Analytics and Research
1 year ago

Top Deposits of the Week

Large deposits of tokens on exchanges could indicate intention to sell.

# Token Exchange Deposit % Supply % 1W
1   Gemini Dollar 5,061,470 GUSD 31.8% +145.5%
2   Aergo 14,046,639 AERGO 2.8% +107.2%
3   NKN 100,302,716 NKN 14.3% +64.0%
4   Napoleon X 1,079,188 NPX 3.6% +51.3%
5   Eidoo 6,220,247 EDO 6.9% +43.9%
6   Spendcoin 22,139,760 SPND 1.1% +34.6%
7   NEXO 27,132,785 NEXO 2.7% +21.7%
8   Ankr Network 1,081,324,238 ANKR 10.8% +21.0%

Top Withdrawals of the Week

Large withdrawal of tokens from exchanges could indicate intention to accumulate.

# Token Exchange Deposit % Supply % 1W
1   Kin 7,872,865,523 KIN 0.1% -79.3%
2   Bitmax Token 12,130,039 BTMX 0.1% -32.9%
3   Celsius Network 5,434,090 CEL 0.8% -18.1%
4   Aeron 14,030,997 ARN 70.2% -9.3%
5   IDEX Membership 268 IDXM 13.4% -9.2%
6   Bibox Token 5,888,125 BIX 2.2% -8.9%
7   Patron 45,793,080 PAT 11.4% -6.3%
8   Unibright 22,108,969 UBT 14.7% -5.3%

Weekly Analysis

Here we dive deeper to look at what are driving these movements.

 Aergo (AERGO)

AERGO is a platform that allows businesses to build applications by sharing data on a trustless and distributed system.

The big surge in AERGO deposits is due to its recent listing on Bittrex and Bitmax, so it may not necessarily be a bearish sign. Moreover, its percentage of total supply on exchanges is only 2.8% despite the surge. AERGO is likely to continue its post-listing bullish trend for a while, so don't rush to dump those bags yet. 

Outlook: NEUTRAL

 Kin (KIN)

KIN is a currency for digital and mobile applications founded by social media firm Kik.

The big withdrawal of KIN is due to its upcoming mainnet swap, so it may not necessarily be a bullish sign. However, market makers may seize the opportunity to pump while supply is illiquid, so you may see a brief rally. 

Outlook: NEUTRAL


NKN is a peer-to-peer network connectivity protocol and ecosystem. 

The 14.3% surge in exchange deposits comes after a three-month long rally, which suggest the rally may be cooling off as whales begin to take profit.  

Outlook: BEARISH

 Bibox Token (BIX)

BIX is an exchange token issued by the Bibox exchange.  

Our analysis indicates a -8.9% drop in exchange deposits over the past week as buyers withdraw BIX token into their personal wallets. This comes after a nine-months long bear trend, which appears overdue for correction. This timing also coincides with the recent rally of Binance Coin (BNB) and we believe BIX may benefit from the rising hype around exchange tokens. 

Outlook: BULLISH

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