Ten newly created wallet addresses have withdrawn a total of 100 million LAB tokens from the Bitget exchange within the past 12 hours, valued at approximately $480.33 million at current prices. This massive withdrawal accounts for 32.26% of LAB's total circulating supply, marking an exceptionally rare large-scale movement.
Details of the Large Withdrawal
On-chain data reveals that all these wallets were newly created and initiated the withdrawal requests almost simultaneously. Such concentrated outflows have triggered intense market scrutiny over LAB's short-term liquidity and price direction. As of press time, the LAB token price has slipped 0.60%, while the exchange's native token BGB climbed 1.88%, suggesting possible capital rotation toward platform assets.
Context and Potential Impact
This is not the first abnormal movement for LAB tokens. Earlier, on-chain sleuth ZachXBT alleged that certain LAB wallets had transferred 226 million tokens to Bitget, after which LAB's price crashed 50% and briefly dipped below $3. The current withdrawal from Bitget may signal a new round of redistribution or whale accumulation.
Analysts note that such a large outflow from an exchange typically reduces immediate sell pressure, as tokens are held in private wallets unlikely to be dumped quickly. However, if the entities behind these wallets intend to sell via OTC or decentralized exchanges, the market could still face volatility. Investors are advised to monitor on-chain activities over the next 24 hours.
Additionally, LAB had topped HTX's heat index previously but has been weakening recently. Whether this withdrawal can stabilize market sentiment remains to be seen.