Just six hours ago, wallet address “0xDf14” made a substantial withdrawal, taking out 5.12 million $CRV tokens, valued at approximately $2.7 million, from Binance.
The move is part of a larger trend, with the same wallet having withdrawn a total of 19.56 million $CRV, equivalent to around $10.33 million, from Binance over the past three days.
What’s intriguing is that this whale has gone further by staking all of its $CRV holdings on Convex, signaling strong confidence in the token’s future prospects.
Whale Activity Fuels CRV Surge
The impact of these whale movements on $CRV has been remarkable. The token witnessed a significant price surge of approximately 12% today, largely attributed to the accumulation efforts by these influential players.
Moreover, “0xEfb8” withdrew 5.78 million $CRV, equivalent to about $3.02 million, from Binance in the past seven hours. Meanwhile, “0x171c” appears to be preparing to offload $CRV, indicating potential market shifts.
Mixed Signals in CRV
However, not all news is bullish for $CRV. A whale known as “0x171c” transferred a notable 1,927,776 $CRV, valued at $998,973, to Binance.
Previously, “0x171c” removed liquidity from various pairs, including $CRV, $ETH, and $crvUSD (worth 3 million dollars) on Curve, hinting at a bearish sentiment during the ongoing bullish trend, which could potentially impact $CRV’s future performance.
In a surprising twist, “0x171c” received a substantial amount of $CRV, followed by adding liquidity.
Additionally, Lookonchain reported that after the recent $CRV price surge, Michael Egorov deposited a significant 23.26 million $CRV (equivalent to $12.3 million) into Silo. Egorov then borrowed 3.75 million $crvUSD within just one hour. Subsequently, there was an exchange of 3.75 million $crvUSD for $USDT, and the debt was promptly repaid on Aave.
After the price of $CRV increased, Michael Egorov deposited a total of 23.26M $CRV ($12.3M) into #Silo and borrowed 3.75M $crvUSD in the past 1 hour.
Then exchanged 3.75M $crvUSD for $USDT and repaid the debt on #Aave.https://t.co/bedCXcs8Rj pic.twitter.com/1j5DBStJVv
— Lookonchain (@lookonchain) September 25, 2023
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
