Coinbase Exodus: Whale Moves Millions in ONDO and Jasmy Coin JASMY

• A major whale withdraws millions in ONDO and Jasmy tokens from Coinbase.
• The movement comes amid JASMY crashing by over 17% in the past week.
• Speculation points to eToro as the entity behind the transactions.

Major investors in real-world asset tokenization projects like Ondo Finance (ONDO) and Jasmy Coin (JASMY) have recently made significant withdrawals from the cryptocurrency exchange Coinbase, signaling a potential shift in market sentiment despite recent losses.

Through an update on X platform, crypto-surveillance service “The Data Nerd” drew attention to significant movements of ONDO and JASMY tokens from the U.S.-based exchange Coinbase. Using data from Arkham Intelligence, the market watcher revealed that a whale recently transferred 1.5 million ONDO tokens, valued at approximately $1.93 million, to cold storage.

At the same time, the data indicated that the investor similarly moved 120 million JASMY tokens, valued at around $4.31 million, from Coinbase.

14 hours ago, a whale (maybe @eToro) just withdrew 1.5M $ONDO (~$1.93M) and 120M $JASMY (~$4.31M) from #Coinbase.

Just now, they have 3.8M $ONDO (~$5M) and here are their 3 largest assets: $ETH (~$42M); FET (~$35.83M) & $SHIB (~$21.68M).

Address:https://t.co/iHFfFqIBTj pic.twitter.com/KyACAYZCT2

— The Data Nerd (@OnchainDataNerd)
June 14, 2024

These substantial movements come about even as JASMY declined by over 17% in value over the past week in the ongoing bearish market. ONDO has also declined over the week, though it has shown a slight recovery.

Additionally, The Data Nerd reported that the whale responsible for these transactions holds a portfolio that includes 3.8 million ONDO tokens worth about $5 million. Their three largest holdings are Ethereum (ETH), valued at around $42 million; Fetch.AI (FET), valued at $35.83 million; and Shiba Inu (SHIB), valued at approximately $21.68 million.

While the investor’s identity remains unknown, Arkham Intelligence suggested that the wallet likely belongs to eToro, a social investment and multi-asset brokerage firm. This wallet reportedly holds over $273 million in crypto assets. Furthermore, updated records indicate that this whale has recently conducted additional significant transfers from Coinbase, primarily moving assets to private wallets.

Among the tokens withdrawn in large quantities are Uniswap (UNI), Chainlink (LINK), Avalanche (AVAX), Render (RNDR), and Arbitrum (ARB), with each transfer exceeding half a million dollars in value. These transfers occurred within the hour, further underscoring the scale of this whale’s activity.

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