Institutional BTC and altcoin trading platform FalconX has strengthened its holdings in Lido Finance (LDO) and Maker DAO (MKR) tokens in a strategic move. However, it has also attracted a significant amount of altcoins from popular crypto exchange Binance. Here are the details…
FalconX pulled these altcoin projects into its wallet
FalconX pulled a significant amount of money from Binance 9 hours ago, purchasing 789,500 Lido Finance (LDO) tokens worth approximately $1.33 million and 7,719 Maker DAO (MKR) tokens worth approximately $1.18 million. This transaction brings FalconX’s total holdings in LDO to approximately 3.73 million tokens, valued at approximately $6.31 million, and MKR to a total of 7,950 tokens, valued at approximately $12.54 million.
— The Data Nerd (@OnchainDataNerd) October 1, 2023
FalconX has shown intense interest in Ethereum liquid staking platforms. For this reason, it allocated a significant part of its portfolio to these assets. Current cryptocurrency portfolios are as follows:
- MKR: $12.36 million
- USDC: $10.40 million
- ETH: $8.16 million
- LDO: $6.28 million
- LINK: $3.23 million
- USDT: $2.49 million
- VEGA: $1.90 million
- T: $1.56 million
- USDP: $1.47 million
- AVAX: $957.63 thousand
- ANT: 733.55 thousand dollars
- WBTC: $720.11 thousand
- LOCUS: $684.27 thousand
- Preposition: 564.89 thousand dollars
- OP: $506.31 thousand
FalconX continues its ETH focus
This move by FalconX emphasizes that they continue to focus on Ethereum and its ecosystem. Ethereum’s liquid staking platforms offer the advantage of bypassing the minimum staking limit of 32 ETH required for traditional Ethereum staking. This feature allows individuals to participate in ETH staking and earn rewards even with smaller holdings. However, concerns have been raised regarding the centralization effects associated with Ethereum’s liquid staking platforms, particularly in the case of Lido Finance.
As a result, FalconX, a leading institutional cryptocurrency trading platform, took action. Because it has recently increased its investments in Lido Finance (LDO) and Maker DAO (MKR) tokens. Meanwhile, it has also attracted a significant amount of altcoins from Binance. This move allows FalconX to participate in Ethereum-based assets and smaller investors to participate in Ethereum stakes. Because it reflects its strong interest in liquid staking platforms. FalconX’s strategic investment in Lido Finance and Maker DAO is critical. It underlines the trust they have in these tokens within the Ethereum ecosystem. It is important to remember that cryptocurrency investments carry inherent risks and should be approached with caution.
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