Blockchain Monitoring Agency Warns LDO Sale Might Occur Quickly

• A current tweet by Lookonchain hinted that Leap Buying and selling could quickly promote its LDO holdings.
• Based on the put up, Leap Buying and selling is beginning to transfer away from its function as a market maker for LDOs.
• Altcoins had been nonetheless in a position to report 24-hour positive factors regardless of the potential for LDO to plummet within the brief time period.

At the start of the thread, Lookonchain revealed that throughout the final 24 hours, the buying and selling firm had transferred 3 million LDOs, value roughly $6.9 million on the time of switch, to a brand new deal with, 0x0ee7. They then deposited his 7,366 LDOs value $17,000 to Binance.

Because of this current switch, Lookonchain has warned that the buying and selling firm could transfer in direction of promoting a big portion of its holdings in LDO because it acts as a market-maker for LDO. The warning got here after a sequence of transfers made by Leap Buying and selling in Could 2021 confirmed related buying and selling patterns.

Based on the tweet, on Could 10, 2021, Leap Buying and selling spent 1,207 Ethereum (ETH) value $4.76 million to purchase 5.59 million LDOs for $0.85. A yr after this buy, they transferred 3.36 million LDOs value $7.7 million to Binance and KuCoin at a mean value of $2.29.

Lookonchain additionally shared that one other fundamental pockets belonging to Leap Buying and selling began withdrawing LDOs from the alternate on August 9, 2022. The pockets withdrew a complete of two.44 million LDOs, value $5.9 million. On this thread, they shared the concept that this might be an early signal of an LDO decline within the close to future.

On the time of writing, CoinMarketCap confirmed that LDO is buying and selling at $2.29 after gaining 3.65% over the previous 24 hours. This optimistic value volatility allowed it to outperform cryptocurrency market leaders Bitcoin (BTC) and Ethereum (ETH) by 2.25% and three.10%, respectively.

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