Crypto News

Brevan Howard Digital Transfers Lido DAO LDO Tokens To Binance

Recently, a substantial number of Lido DAO (LDO) tokens found their way to Binance, the renowned cryptocurrency exchange platform, courtesy of Brevan Howard Digital, a prominent US-based crypto investment firm also recognized as Dragonfly Capital.

According to insights from the on-chain analytic firm Spotonchain, Brevan Howard Digital completed the transfer of the remaining 584,433 LDO tokens, valued at $1.62 million, to Binance at a rate of $2.77.

Over the course of five days, the venture capital firm executed a series of transactions, depositing a total of 3.031 million LDO tokens, equivalent to $8.38 million, to Binance at an average price of $2.77 per token.

$9.19M Investment Profit Realized By Brevan Howard Digital

Remarkably, Brevan Howard Digital has realized an estimated profit of $9.19 million, marking a notable 20.8% increase, from its dealings with LDO tokens. 

The process involved the acquisition of 23.84 million LDO from various platforms such as Binance, Copper, and decentralized exchanges at an average price of $1.852 million between July 15, 2021, and July 23, 2023. 

Subsequently, the firm gradually sold these tokens across centralized and decentralized exchanges at an average price of $2.24, totaling $53.3 million, starting from August 15, 2021, whenever the price surged.

Despite LDO’s recent uptick of 2.5% within the last 24 hours, the token has experienced a decline of over 5% in value over the past seven days.

The movement of Lido DAO tokens by Brevan Howard Digital to Binance has drawn attention within the crypto community, prompting discussions about its potential implications for the market dynamics and investor sentiments surrounding LDO.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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