In brief:
Yesterday, February 26th, the digital asset of Basic Attention Token (BAT) experienced its largest daily exchange outflow to date. On this day, the equivalent of 1.15% of Basic Attention Token’s total supply left crypto exchanges and before the digital asset pumped by 9% in a single hour. This milestone by Basic Attention Token was captured by the team at Santiment and shared through the following statement
and chart.BAT has decoupled from $BTC, & is one of the few altcoins in the green.
Its+9% rise the past hour comes after the largest Basic Attention Token exchange outflow in 7 months earlier, & biggest single-day supply drop from exchanges (-1.15%) of all-time.
Such a high percentage of Basic Attention Token’s supply leaving crypto exchanges is a clear sign that whales are accumulating BAT. Furthermore, the accumulation could be a knee-jerk reaction as a result of Grayscale confirming that it was exploring the possibility of a BAT crypto trust alongside 22 other digital assets.
With respect to price, Basic Attention Token (BAT) is trading at $0.53 with the daily chart below indicating renewed buying interest as the month of February comes to a close.
Also from the chart, the following can be observed.
As with all analyses of altcoins such as Basic Attention Token, traders and investors are reminded that the fate of BAT is very much tied to that of Bitcoin. If the weekly and monthly close prove to be a volatile one for BTC, Basic Attention Token could undergo a significant pullback before continuing on its upward trajectory.