A large holding address recently withdrew 130 million TRX from Poloniex, worth approximately $43.13 million at the time. This transfer occurred after TRX retreated from its recent highs, causing market divergence: spot supply tightened, but derivatives traders remained bearish.
Exchange TRX supply decreases
Typically, transferring tokens from an exchange to a private wallet reduces the circulating supply available for sale in the short term. This is one of the reasons why the market is paying attention to this transfer.
The article mentions that this withdrawal is one of the larger TRX fluctuations recently. Unlike typical withdrawals during price increases, this transfer occurred during a period of price weakness, indicating that some large holders are still choosing to continue holding their positions.
- Withdrawal amount: 130 million TRX
- Corresponding amount: approximately US$43.13 million
- Transfer platform: Poloniex
Binance's top traders remain bearish.
Despite the decline in exchange supply, the derivatives market has not turned optimistic in tandem. Data shows that Binance's top traders have a short position ratio of 60.99% and a long position ratio of 39.01%, resulting in a long-short ratio of 0.64.
This indicates that professional traders remain cautious about the short-term trend of TRX. The article argues that this position structure, appearing after a failed price breakout, typically reflects market expectations of further downside.
However, excessively concentrated short positions could amplify subsequent volatility. If prices unexpectedly stabilize, short covering could trigger a short-term rebound.
$0.3228 becomes a key support level
In terms of price movement, TRX previously rose to around $0.3766 before encountering significant selling pressure and breaking below the upward channel that had lasted for several months. At the time of writing, the price was approximately $0.3330, approaching the key support level of $0.3228.
The Relative Strength Index (RSI) has also fallen significantly, dropping from a high of nearly or above 70 to 35.91, indicating that short-term momentum has weakened, but has not yet entered the extreme oversold zone.
If buying holds above $0.3228, TRX may attempt a rebound to $0.3528; if this level is breached, the recent bullish structure will be further weakened.
The liquidation concentration areas are located on the top and bottom sides.
The liquidation data also shows that there are relatively dense leverage ranges both above and below the current price. The upper range is mainly concentrated between $0.340 and $0.345, while the lower range is concentrated between $0.325 and $0.326.
These areas tend to attract prices because leveraged positions are more likely to trigger a chain reaction of liquidations at these levels. The article states that if TRX continues to rise, short liquidations near $0.340 could amplify volatility; if selling pressure intensifies again, the market may retest the lower liquidity zone.
