- A current tweet from Lookonchain hinted that Leap Buying and selling could quickly dump its LDO holdings.
- In response to the publish, Leap Buying and selling is starting to exit its position as a market maker for LDO.
- Regardless of the potential for a near-term LDO dump, the altcoin was nonetheless in a position to print a 24-hour acquire.
Lookonchain began the thread by revealing that the buying and selling firm had moved 3 million LDOs, value round $6.9 million on the time of the switch, to a brand new handle “0x0ee7 prior to now 24 hours. By Afterward, they deposited 7,366 LDOs, value $17,000, to Binance.
Following this current switch, Lookonchain has warned that the buying and selling agency could transition from being a market maker for LDO to promoting a big portion of its LDO holdings. This warning comes after a collection of transfers made by Leap Buying and selling in Could 2021 confirmed an analogous buying and selling sample.
On Could 10, 2021, Leap Buying and selling had spent 1,207 Ethereum (ETH), value $4.76 million, to purchase 5.59 million LDO at $0.85, in keeping with the tweet. A yr after that buy, they then transferred 3.36 million LDOs, value $7.7 million, to Binance and KuCoin at a median worth of $2.29.
Lookonchain additionally shared that one other major pockets owned by Leap Buying and selling started eradicating LDO from exchanges on August 9, 2022. The pockets had withdrawn a complete of two.44 million LDOs, value 5.9 million of {dollars}. Within the thread, they shared their perception that this may very well be a harbinger of an LDO selloff within the close to future.
At press time, CoinMarketCap reported that LDO was buying and selling at $2.29 after gaining 3.65% within the earlier 24 hours. This constructive worth motion additionally allowed it to outperform the 2 crypto market leaders Bitcoin (BTC) and Ethereum (ETH) by 2.25% and three.10% respectively.
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