The cryptocurrency market witnessed interesting activity on May 6, 2024, as on-chain analysts tracked significant deposits and transfers made by whales and institutional players. Investors and especially companies in VELO coin, Ethereum and various cryptocurrencies took action
VELO coin move came from DWF Labs
DWF Labs, a company actively involved in the crypto space, deposited 10 million VELO tokens (approximately $205,000) on the Bybit exchange. This move comes after 75 million VELOs were purchased from the project last year for a much lower price of $0.003. They had previously invested 45 million VELO in Bybit in 2023, demonstrating potential confidence in the token’s growth. DWF Labs currently has 30 million VELOs, indicating a long-term strategy.
Symbolic Capital Partners and other whales are active in the ETH market
Symbolic Capital Partners, the leading venture capital firm founded by the creator of Polygon, appears to be reducing its Ethereum (ETH) holdings. On-chain data from @ai_9684xtpa revealed that the firm transferred 4,205 ETH to Binance in the last 18 hours, representing a value of $13.18 million. This follows a larger transfer of 21,519 ETH last week, amounting to $66.79 million. The reasons behind these sales are unknown, but could be profit-taking or portfolio rebalancing.
Two separate whale events involving Ethereum have been observed. A whale address deposited 7,000 ETH (approximately $21.97 million) to Binance. Interestingly, this whale last year withdrew a larger amount (12,905 ETH) from Binance at a much lower price and deposited it on the staking platform Lido. The recent reversal on Binance suggests a potential short-term trading strategy or profit-taking strategy. If this 7,000 ETH is sold, it could bring in a significant profit of $8.91 million.
Another whale, known for creating a long position in ETH three years ago, deposited 7,018 ETH worth $22.07 million on ether.fi. This whale had previously purchased ETH during the bull market at an average price of $3,059; This indicated a potential variable profit of $600,000 on remaining assets. Additionally, an analyst detected the activity of a whale with a leveraged long position in ETH. This whale transferred another 796 ETH from Binance, worth $2.52 million, increasing his long-term holdings to 8,714 ETH at an average entry price of $3,149.
MakerDAO team deposited MKR
The multi-signature wallet, suspected to belong to MakerDAO, a decentralized finance (DeFi) protocol, deposited another 750 MKR tokens (approximately $2.19 million) to Binance. This follows a trend observed since March 18, 2024, when the wallet deposited a total of MKR 11,993 (approximately $31.2 million) on centralized exchanges (CEXs) before potential price drops. There is still a significant amount of MKR in the wallet, indicating that they may be managing their reserves strategically.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!