Polygon’s native token MATIC observed a spike in inflow to exchanges, increasing the selling pressure on the asset. MATIC price yielded double-digit losses for holders in the past week. The Ethereum scaling token’s on-chain metrics present a bearish outlook on MATIC price. Based on data from crypto intelligence tracker, Lookonchain, the bankrupt FTX exchange transferred 8 million MATIC tokens worth $5.95 million to OKX exchange. All the above mentioned transactions took place early on Tuesday, a total of 28 million MATIC tokens flooded centralized exchanges, contributing to the rising selling pressure on MATIC. MATIC’s on-chain metrics acted as bearish catalysts for the altcoin’s price.
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