Crypto News

$DYDX Experiences Increased Smart Money Outflow After Token Unlock Event

$DYDX, the Ethereum-based token, witnessed a notable shift in its dynamics after the recent token unlock event on December 1.

With 150 million $DYDX tokens, equivalent to around $485 million and representing 83.2% of the circulating supply, being unlocked, the token’s Smart Money Outflow ranking on SpotOnChain rose to the 4th position. This shift was attributed to significant movements by large-scale whales, directing funds toward centralized exchanges (CEX).

In the aftermath of the token unlock, three major whale transactions resulted in a total deposit of 4.08 million $DYDX tokens, valued at $13.9 million, onto various exchanges.

Major DYDX Whale Movements To Watch

A whale identified as 0xb0d, potentially linked to @ambergroup_io, made a noteworthy deposit of 9.2 million $DYDX tokens, amounting to $29.8 million, into Binance since the unlock on December 1. Currently holding 3.26 million $DYDX tokens valued at $11.27 million, there’s speculation about further deposits into Binance.

Another whale, known as 0x01a, opted for a deposit of 1.2 million $DYDX tokens, valued at $4.09 million, onto Kraken at $3.41. Impressively, this maneuver resulted in an estimated profit of $274,000 (7.19%) within a mere two days. The whale’s current holdings comprise 2.81 million $DYDX tokens, valued at $9.71 million.

CMS Holdings engaged in the market by transferring 516,023 $DYDX tokens, valued at $1.73 million, to a Binance deposit address, realizing an estimated profit of approximately $2.66 million.

In the latest developments, two addresses associated with Amber Group facilitated transactions, moving a total of 4.06 million $DYDX tokens, valued at $13.8 million, to Binance within the past 8 hours. This activity further fueled the surge in Smart Money Outflow to centralized exchanges.

Despite these significant movements, the price of $DYDX showcased a period of consolidation, currently trading at $3.406.

With the post-token unlock market dynamics evolving, ETHDYDX remains under the scrutiny of traders and investors, with Smart Money Outflow providing insights into whale activities and broader market trends.

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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