TL;DR
- Santiment detected multi-million dollar transfers of PAXG, ID, GALA, ATH, and PENDLE to exchanges, a typical sign of potential selling pressure in the crypto market.
- Whale activity carries extra weight in an unstable geopolitical climate, where any major move tends to amplify volatility.
- Bitcoin and Ethereum show signs of stability, but several altcoins are still experiencing unusual flows that could trigger sharp price swings.
The crypto market is showing signs of recovery after the drop caused by the conflict between the United States, Iran, and Israel.
However, analysts warn that this stability may not hold. On-chain analytics firm Santiment flagged a possible wave of volatility in several altcoins, driven by increased activity from whales and large investors.
🐳 PAX Gold, Space ID, Gala, Aethir, and Pendle are among altcoins showing major $1M+ whale transfers to centralized exchanges. Particularly when high percentages of a coin's supply gets transferred to a CEX, brace for volatility.
🔗 Whale Deposit Radar: https://t.co/PQc2rzcng6 pic.twitter.com/6vOG4Hs5am
— Santiment (@santimentfeed) June 24, 2025
According to data, several wallets holding multi-million dollar amounts moved over $1 million worth of individual tokens to centralized exchanges. The assets involved include PAX Gold (PAXG), Space ID (ID), Gala (GALA), Aethir (ATH), and Pendle (PENDLE). These types of transfers are often seen as a prelude to major sell-offs or portfolio rebalancing. In both scenarios, the market tends to react with sharp price fluctuations.
The War’s Impact on the Crypto Market
Santiment noted that these moves gain even more relevance when they represent a significant percentage of a token’s circulating supply. The effect of these operations is amplified by the tense geopolitical backdrop, as traders adjust hedging and exit strategies more aggressively. The firm advised closely monitoring exchange inflows, particularly for the tokens mentioned, to anticipate possible selling pressure.
While Bitcoin and Ethereum appear to be stabilizing, on-chain data shows that certain altcoins are still registering unusual activity. Large holders continue to reposition their portfolios, likely in anticipation of a new round of volatility in the crypto market.
Although the recent rebound may fuel short-term optimism, the on-chain flows from major holders indicate a far less predictable outlook in specific segments of the market. For that reason, analysts suggest keeping a close eye on exchange activity metrics in the coming days.
