Hashed-linked wallet moved 36.9M SAND to Binance, raising sell-off concerns

SAND price holds bullish trend despite whale transfers and looming sell pressureDerivatives open interest rises 2.28%, signaling rising trader activity and volatility

A recent wallet activity has sparked concerns over potential sell-off pressure on SAND. According to Onchain Lens, an address linked to Hashed, a well-known Korean blockchain investment firm, has deposited a large sum of SAND tokens to Binance.

The wallet credited 18.45 million SAND, valued at approximately $5.79 million, to the exchange in the last hour. This transaction continues a series of notable activity, with the same address moving a total of 36.9 million SAND worth around $12.13 million to Binance over the past 15 days.

Hashed (@hashed_official) deposited 18.45M $SAND ($5.79M) to #Binance.In the past 15 days, they have deposited 36.9M $SAND worth $12.13M into #Binance.Address: 0xf1db561ef1452c7e88c24ed438e546d3019e1b06 pic.twitter.com/s3nGLYSrKg

— Onchain Lens (@OnchainLens) May 26, 2025

Price Activity Shows Bullish Momentum Amid Speculative Moves

The current market price of SAND is $0.3097, showing a daily increase of 3.38%. The 24-hour trading volume has risen significantly to $146.28 million, indicating heightened activity in the SAND market.

This activity follows a period of speculative trading interest, with traders discussing the potential for a short squeeze on the token.

According to data from CryptoQuant, the total derivatives open interest for SAND has also increased by 2.28% in the past 24 hours. This rise in open interest signals that traders are entering into new positions, which could lead to increased market volatility in the near term.

The post Hashed-Linked Wallet Moved 36.9M SAND to Binance, Raising Sell-off Concerns appeared first on Coin Edition.