Giant VC and Binance Labs Are Unloading These 2 Altcoins to the Stock Exchange!

Brevan Howard Digital, a major US-based crypto investment firm also known as Dragonfly Capital, has shifted a significant amount of Lido DAO tokens to leading cryptocurrency exchange Binance. The transaction involved the transfer of LDO valued at $1.63 million. Elsewhere, Binance Labs moved the tokens of an altcoin project of which it is an investor to Binance.

Dragonfly Capital offloads LDO to Binance!

Brevan Howard Digital recently sent 599,123 LDO tokens to Binance, on-chain data service SpotOnChain reported. The market value of the tokens is $1.63 million. Brevan Howard Digital moved a total of 2.45 million LDO tokens worth approximately $6.77 million to Binance over the past four days. Meanwhile, the average value of each token was $2.77.

SpotOnChain also noted that the VC currently has approximately 584,000 LDOs left in its wallet, worth $1.6 million. Based on this, he emphasized that this increases the possibility of additional transfers to the stock market in the near future. In this context, SpotOnChain shared the following:

Brevan Howard Digital (aka Dragonfly Capital) deposited 599,123 LDO ($1.63 million) to Binance about 2 hours ago. Over the past 4 days, VC deposited 2.45 million LDO ($6.77 million) on CEX at approximately $2.77. Also, he may dispose of the remaining 584 thousand LDO ($1.6 million) soon! Estimated total profit: $9.17 million (+21%).

LDO price saw decline due to selling pressure

cryptokoin.comAs you can see from , transfers to the stock market usually bring with it a selling pressure. The VC’s move of large LDO holdings to Binance coincided with a drop in the token price. Because this move shows that there is a tendency to sell the asset directly in the market. This points to persistent risks for LDO investors as the altcoin experiences a downtrend amid ongoing selling pressure.

According to CoinMarketCap data, LDO saw its value decline by 2.2% on a daily basis. LDO was trading at $2.73 at the time of writing. Despite this decline, trading volume for the token increased by 37%, indicating strong interest from traders and investors. However, when we look at its historical performance, we see a price decline of 8.9% in the last week. Additionally, LDO saw a one-month total loss of 14.54%.

Binance Labs transferred PERP to the stock market, is there a sale coming?

Elsewhere, Binance Labs transferred the PERP tokens of Perpetual Protocol, of which it is an investor, to the stock market. A transfer to an exchange is generally made for the purpose of sale. At the time of writing, PERP was changing hands at $1.05 with a slight loss. Therefore, it is difficult to talk about a serious selling pressure right now. However, it is unclear what it will look like in the future. Although this issue is not clear at the moment, a sale is likely. Regarding the issue, on-chain data observer SpotOnChain made the following statement:

Binance Labs deposited 750k PERP ($784k) to Binance about 50 minutes ago at $1.05. Notably, Binance Labs was an investor in Perpetual Protocol and had not been active with PERP for 2 years. Currently Binance Labs still holds 3 million PERP ($3.14 million).