In a recent move, Wintermute, a leading organization in the crypto space, made a significant transfer of CHZ 12 million to Binance. Thus, it raised eyebrows in the crypto community. Scopescan monitoring reported this development over the last 12 hours. Here are the details…
Wintermute traded this altcoin
Wintermute Trading came to the fore with a critical altcoin move. The company transferred the Chiliz (CHZ) coin to Binance. It is thought that there is a sales purpose behind this transfer. Overall, Scopescan estimates the total value of this transfer to be around $763,000. What makes this move even more interesting is the source of these CHZ tokens, stemming from a previous transfer of 57 million CHZ that sent shockwaves throughout the Chiliz ecosystem. The transfer, completed in just 12 hours, saw Wintermute shift a significant amount of CHZ tokens to Binance. While Wintermute’s intentions remain a mystery, the size of this transfer points to an important strategic play in the crypto market.
This move brings to light the scale at which major players in the crypto space can operate. What adds an extra layer to this development is the source of the CHZ tokens. Just 14 hours before this transaction, Wintermute had transferred CHZ 57 million from the Chiliz multi-signature address and the Cobo custodial wallet. The sudden movement of such a large sum from the multi-signature address and custodial wallet to Binance raises questions about Wintermute’s motives.
What was the market impact?
Wintermute’s important transfer news has already started to fluctuate in the cryptocurrency markets. Traders and investors are speculating about the potential consequences of such a significant move. Could this be indicative of a larger market strategy by Wintermute? Or is this just a portfolio rebalancing move? The questions are countless and the crypto community is awash with theories. Meanwhile, the price of the CHZ coin did not see a major decline. On the contrary, the cryptocurrency experienced a 9 percent increase on a daily basis. Currently, it is trading at $0.0624.
Wintermute came to the fore with USDM partnership
Meanwhile, recently Wintermute partnered with stablecoin issuer Mountain Protocol to strengthen the liquidity of USDM, which provides non-US users with yield-generating access to US Treasury securities. According to a statement, the partnership will allow users to redeem USDM for USDC at any time through Wintermute’s liquidity provision while avoiding banking risks to USDM reserves. USDM is not available in the USA. It is also not registered as a US security. The Bermuda Monetary Authority licensed Mountain Protocol as an asset issuer on July 27.
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