Crypto Whales Have Been Fervently Offloading Lido (LDO) Tokens

Crypto whales have been active over the past month, but what assets have they been buying and selling?

On April 10, decentralized finance researcher Thor Hartvigsen posted an update on crypto whales and their activities.

He noted several big moves by venture capital firms and crypto whales over the past month.

Venture fund Arca bought more than $4 million worth of DYDX over the past 30 days. It also loaded up on $350,000 worth of GNS tokens from the Gains Network.

However, the fund sold $3.5 million worth of decentralized exchange GMX tokens. It took profit from large amounts purchased earlier this year. Arca still holds $1.6 million in GMX along with its biggest holdings, USDT and DYDX.

Lido Dumped by Crypto Whales

Individual crypto whales such as former BitMEX CEO Arthur Hayes has also been busy. Hayes offloaded his entire 758,000 Lido (LDO) bag worth $1.9 million at a price of $2.42.

“Arthur seemingly acquired LDO throughout 2022 at an average price of $2.53,” reported Hartvigsen. LDO is currently trading at $2.46.

VC firm Dragonfly Capital also reportedly sold assets in March. The company received 12 million LDO tokens in July 2022 and they have been sitting idle.

According to Hartvigsen’s research, the firm shifted almost half of its LDO stash to OKX during the first three weeks of March. Dragonfly Capital still holds around 21 million LDO tokens, so it could be very influential on market movements.

Wintermute bought 2.5 million LDO worth $6 million in April. These were “likely for market-making purposes as the wallet regularly sends LDO to various CEXs,” he noted.

Crypto whale Andrew Kang has been investing in Arbitrum’s ARB token. According to his wallet, Kang purchased 800,000 ARB on April 4 at a price of $1.25 and 1.5 million ARB on April 5 at $1.23.

The GoldenTree venture fund shifted 5 million SUSHI to Binance in late March. These were potentially sold for $1.04, according to the research. Republic Capital also transferred 24.5 million MATIC worth $27 million to Coinbase in mid-March, lining up for a potential sale.

Crypto Market Cap Hits 10-Month High

Total capitalization is up 4.5% on the day to reach $1.28 trillion, according to CoinGecko. It is the highest it has been for ten months. The total cap has now gained 54% so far this year.

Nevertheless, it is still down 58% from its all-time high of just over $3 trillion in November 2021.

Bitcoin is leading today’s gains, topping $30,000 for the first time since June 2022.