What is the intention of market makers to cover BIGTIME's on-chain footprint through Coinbase?
Due to nearly 80% of BIGTIME's circulation being in the hands of market makers, a large amount of funds flowing in and out of the exchange has not successfully concealed on-chain footprints.Author: JZ, Founder of JZ Invest
Market makers cover their tracks through Coinbase, preparing to dump BIGTIME?
After transferring a total of 30 million BIGTIME to Coinbase, market makers Amber Group and FBG Capital have once again transferred it to new wallets. What is the motivation behind this?
Big Time is an MMORPG blockchain game established on Ethereum in 2021, and recently gained attention in the Gamefi sector due to its token listing on exchanges.
Next, let's look at the current chip distribution. According to CMC data, the current market circulation of BIGTIME is 158 million tokens.
Market makers Amber Group and FBG Capital each received a distribution of 60 million tokens, meaning that nearly 80% of the market circulation is in the hands of market makers.
Among them, Amber Group received 60 million BIGTIME from October 3 to October 7 and has since transferred all of it out.
Of this, 45 million tokens have been transferred to OKX, and the remaining 15 million tokens have been transferred to Coinbase, followed by transfers of 400,000 tokens to Gate.io and 600,000 tokens to KuCoin from OKX.
FBG Capital also received 60 million BIGTIME from October 4 to October 7 and has transferred all of it out, with 45 million tokens transferred to OKX and the remaining 15 million tokens transferred to Coinbase.
Among the potential market maker addresses, the total amount transferred in by the two market makers is 30 million tokens, but from Etherscan, it can be seen that the Coinbase address holds less than 30 million tokens. Therefore, the following five potential market maker addresses can be identified based on these points:
- The amount transferred out is close to the amount transferred in;
- There is no significant price fluctuation during large transfers out of exchanges, thus excluding the possibility of individual purchases;
- All transfers are from Coinbase to new wallets;
Typically, once funds flow into exchanges, it becomes difficult to track further. Distributing chips across different wallets makes buying and selling actions less likely to attract market attention.
However, due to the limited supply of BIGTIME on major CEXs, the large inflow and outflow of funds by market makers still draws attention, failing to successfully hide their on-chain footprints.
