Investors strongly accumulated several altcoins during the last week of August. They withdrew assets from exchanges, leading to a significant decline in reserves.
As altcoin season becomes more selective, exchange reserve data may offer useful insights for investors restructuring portfolios for the year’s final quarter.
1. Chainlink (LINK)
Santiment data shows Chainlink’s (LINK) exchange reserves fell to a one-year low in the last week of August.
About 186.6 million LINK remain on exchanges, down from 212 million in July. This means more than 25 million LINK have been withdrawn in just over a month.
The launch of Chainlink Reserve in early August boosted investor sentiment. As of August 28, Chainlink Reserve held 193,076 LINK tokens.
By the end of August, Chainlink announced a partnership with the US Department of Commerce, which will bring macroeconomic data such as GDP and the PCE Index on-chain, further strengthening accumulation momentum.
Recent charts illustrate a notable shift over the past two months. Previously, LINK reserves on exchanges increased along with price rises, indicating selling pressure. However, in recent weeks, LINK’s price has climbed while reserves have decreased, signaling ongoing optimism.
2. Numeraire (NMR)
CoinMarketCap data shows NMR surged 120% in the last week of August, with 24-hour trading volume jumping from $460 million to over $1 billion. This sharp rise signals renewed investor interest.
Santiment data indicates that NMR’s exchange reserves had steadily increased for years, creating selling pressure that drove its price down from above $70 to below $7.
However, NMR’s exchange reserves dropped by the last week of August to 1.61 million, meaning about 350,000 tokens were withdrawn compared with highs earlier this year.
Although the reduction was not massive, it marked a significant turning point that could signal an upcoming accumulation outside exchanges.
That same week, Numeraire announced that JPMorgan, one of the world’s largest allocators to quantitative strategies, committed $500 million in fund capacity. This announcement likely revived positive sentiment.
Cookie.fun data confirmed that mindshare and sentiment around NMR spiked dramatically.
“JP Morgan committed half a billion to Numerai. Mindshare and sentiment jumped from near flatline to soaring levels after the news broke, and $NMR followed, climbing over 160% since. Indication of Wall Street’s growing influence on the crypto markets?” Cookie DAO stated.
3. Toncoin (TON)
Santiment data shows Toncoin’s (TON) exchange reserves dropped to 2.96 million in late August, the lowest level in three months. This came after a decline from 3.2 million just a week earlier.
Despite TON’s price hovering around $3 for most of the year, this off-exchange accumulation could signal the start of a new phase.
The reserve decline coincided with Verb Technology (NASDAQ: VERB) announcing the TON Treasury strategy, aiming to own more than 5% of Toncoin’s circulating supply. The company completed a $558 million private placement with over 110 institutional and crypto investors, using most proceeds to buy TON as its primary treasury reserve asset.
Additionally, Robinhood listed Toncoin in the final week of August, opening the asset to fresh US investor capital.
“Toncoin just listed on Robinhood. And it comes as no surprise. 36.2 million new users onboarded. Monthly active wallets on ton_blockchain have soared to 12.4 million, an impressive 110× growth. TVL rose from $537,000 in early January to a record $773 million by July. Over $1 billion USDT issued in circulation, the fastest milestone in Tether’s history.” — Mario Nawfal, founder of IBC Group, said.
The decline in the exchange reserves of the above three altcoins reflects the influence of US financial institutions and regulators. It also suggests that real-strength projects are more likely to enter the mainstream through partnerships with government agencies and major financial entities.
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