Data from on-chain analytics firm LookOnChain showed that several large Tellurian (TRB) whales sold some of their stakes last week, making significant profits following TRB’s meteoric rise in October.

Three large transactions, in which TRB were found to be transferred from Binance to an unknown wallet, revealed profit-oriented transactions. One whale made almost $1 million by depositing $107 after withdrawing $94. However, another company, which took out funds at $138 and bought them back at $95, lost $4 million.

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These moves contributed to TRB retreating more than 30 percent from recent highs above $150. Some investors probably thought TRB was overbought after its more than 150% rally in October and saw an opportunity to capture some profits.

However, LookOnChain said that there are 20 whales holding more than 1 million TRB, which has a total value of about $100 million. These long-term holders are generally considered to be still in the money, standing to stand millions of dollars on TRB’s big rally in 2022.

It was noted that many may be taking some capital off the table in anticipation of further growth while maintaining their core positions. The data highlighted general profit-taking activity after the bullish move ahead, signaling the end of the uptrend.

If they initiate heavy selling it will be important to keep an eye on these large holders to assess when a big correction could occur in TRB. Right now, selling remains limited as most whales are hovering near record holdings.

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