The world of cryptocurrency is constantly evolving; new trends and developments will always emerge. One of the most exciting aspects of this industry is the activity of crypto whales and venture capital firms, who have the power to influence the market with their large-scale buying and selling.
These players were particularly active in March, making some significant moves worth examining in more detail. One of the tokens that saw a lot of action last month was Lido (LDO). This decentralized finance (DeFi) project aims to provide staking services for Ethereum 2.0.
It allows users to earn rewards by holding their ETH in a pool rather than staking it themselves. The LDO token is part of the platform’s governance and reward system.
Crypto Whales Make Multi-Million Dollar Moves In The DeFi Sector
On April 10th, Thor Hartvigsen, a researcher in the DeFi space, provided an update on the activities of crypto whales. He highlighted several significant moves venture capital firms and crypto whales made in the past month.
Arca, a venture fund’s purchase of over $4 million worth of DYDX in the last 30 days is a noteworthy mention. Additionally, the firm acquired $350,000 worth of GNS tokens.
Surprisingly, the fund chose to sell $3.5 million worth of GMX tokens which it had purchased earlier this year, to take a profit. Meanwhile, Arca still has its most extensive holdings in USDT and DYDX and retains $1.6 million worth of GMX.
Former BitMEX CEO Arthur Hayes, an individual crypto whale, has been actively selling his LDO holdings. Hayes sold his entire 758,000 LDO tokens worth $1.9 million at $2.42 per token.
According to reports, Hayes had accumulated LDO throughout 2022 at an average price of $2.53. Currently, LDO is trading at $2.46 per Coingecko data.
Dragonfly Capital, another venture capital firm, reportedly sold some of its assets in March. The firm received 12 million LDO tokens in July of 2022 but had yet to use them.
Hartvigsen’s research shows that the firm moved about half of its LDO tokens to OKX in the first three weeks of March. Despite selling these huge amounts of tokens, Dragonfly Capital still holds a significant amount, around 21 million, which could significantly impact market activity.
In April, Wintermute obtained 2.5 million LDO valued at $6 million, which were probably intended for market-making as the wallet frequently sends LDO to different CEXs, per observations from on-chain data.
Meanwhile, crypto whale Andrew Kang also invested in Arbitrum’s ARB token, purchasing 800,000 ARB for $1.25 on April 4th and 1.5 million ARB at $1.23 on April 5th.
In late March, Binance received 5 million SUSHI from the GoldenTree venture fund. But some analysts believe the popular crypto exchange may have sold them for $1.04.
Additionally, Republic Capital, another crypto whale, transferred 24.5 million MATIC valued at $27 million to Coinbase in mid-March, possibly preparing for a sale.
Crypto Market Soars To $1.28 Trillion With Bitcoin Breaking $30K
CoinGecko reports that the crypto market’s overall capitalization has increased by 4.5% over the past 24 hours, reaching $1.28 trillion, its highest point in the last ten months.
Bitcoin has reached a milestone by surpassing $30,000 for the first time since June 2022, fueled by speculation of relaxed monetary policies which has attracted greater interest from investors this year. This increase in value has resulted in an 82% rise since December 31st, outperforming the Nasdaq 100 tech index’s 19% gain and a 9.6% increase in gold, which has also been a favored investment this year.
Despite its rapid ascent recently, Bitcoin is still 58% below its price peak of November 2021. It is worth noting that Bitcoin maintained its bullish performance till the Three Arrows Capital hedge fund’s collapse last summer.
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