Lido DAO (LDO) is currently experiencing a downtrend, hovering around a key support level. In a notable development, prominent crypto influencer @cobie transferred 3.637 million LDO, valued at approximately $6.7 million, to the Wintermute OTC address five hours ago.
This move suggests that Cobie may be entrusting Wintermute to handle a significant sale or conduct over-the-counter (OTC) transactions.
Cobie has a substantial stake in Lido, having received an allocation of 7.5 million LDO from the project on December 18, 2020. His recent transfer could indicate a strategic decision to liquidate a portion of his holdings amid the current market conditions.
知名加密 KOL @cobie 在 5 小时前将 363.7 万枚 LDO ($6.7M) 转至 Wintermute OTC 地址，可能是委托 Wintermute 出售或进行 OTC 交易。
cobie 是在 2020/12/18 从 Lido 收到 750 万枚 LDO 投资分配。https://t.co/1Gk1TIBtN9
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— 余烬 (@EmberCN) July 23, 2024
In addition, data from Lookonchain reveals that an institution, possibly linked to Anchorage Digital and Brevan Howard Digital, appears to be selling LDO. This institution recently deposited 2.95 million LDO, worth about $5.4 million, to Binance just 10 minutes ago.
Massive Withdrawal Of $6.18 Million LDO
This activity follows a previous withdrawal of 3.75 million LDO, valued at $6.18 million, from Binance between October 10 and November 20, 2023, at a price of $1.65 per token. If the institution sold at this rate, it would realize a profit of approximately $537,000.
An institution seems to be selling $LDO!
The institution related to Anchorage Digital and Brevan Howard Digital deposited 2.95M $LDO($5.4M) to #Binance 10 minutes ago.
The institution withdrew 3.75M $LDO($6.18M) from #Binance at $1.65 between Oct 10 and Nov 20, 2023.
And he… pic.twitter.com/uoTlZKPgmL
— Lookonchain (@lookonchain) July 23, 2024
These significant movements by both Cobie and the institution suggest a potential sell-off of LDO, contributing to the current downward pressure on the token’s price. As LDO trades near crucial support levels, the market is closely watching these developments to gauge the potential impact on its value.
This confluence of high-volume transactions underscores the cautious sentiment among major holders and institutions regarding LDO’s immediate prospects. Traders and investors will need to monitor these activities and market reactions closely as they could signal further price fluctuations or a potential rebound based on how these large transfers are managed.
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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