BlockTower Capital Sells TRU Tokens Through DEX and Coinbase
According to the report, according to the monitoring and analysis of the online data platform @ Lookonchain, BlockTower Capital, the largest holder of TRU, tra…
According to the report, according to the monitoring and analysis of the online data platform @ Lookonchain, BlockTower Capital, the largest holder of TRU, transferred 22 million TRUs ($2.4 million) to Coinbase six hours ago, and sold 3.33 million TRUs through DEX at an average price of $0.086.
BlockTower Capital, the largest holder of TRU, sold 3.33 million TRUs six hours ago
Interpretation of the news:
BlockTower Capital, which is the largest holder of TRU tokens, transferred 22 million TRUs (worth $2.4 million) six hours ago to Coinbase, as per the report from the online data platform Lookonchain. They also sold 3.33 million TRUs through a decentralized exchange (DEX) at an average price of $0.086.
This development is noteworthy as it provides insights into the behavior of institutional investors in the cryptocurrency market. BlockTower Capital, a prominent crypto hedge fund, has been a significant investor in TRU tokens, which are used to collateralize loans on the TrueFi platform.
Transferring TRUs to Coinbase suggests that BlockTower Capital likely intends to liquidate their TRU holdings. Coinbase is a popular cryptocurrency exchange in the United States, which provides a seamless fiat-to-crypto conversion flow. By transferring TRUs to the cryptocurrency exchange, BlockTower Capital increases their ability to sell their holdings in the open market.
Selling 3.33 million TRUs through a DEX at an average price of $0.086 suggests that BlockTower Capital is attempting to exit their position without causing significant price fluctuations in the TRU market. DEXs are decentralized variants of traditional cryptocurrency exchanges, which allow users to trade crypto assets from their personal wallets. Since DEXs have lower trading volumes, they are less likely to be affected by large sell-offs.
It is interesting to observe that BlockTower Capital chose to liquidate their TRU holdings simultaneously through a centralized exchange (Coinbase) and a decentralized exchange (DEX). This strategy might be aimed at diversifying the risk involved in their investments.
Overall, BlockTower Capital’s actions illustrate the nuanced decision-making involved in the sale of cryptocurrency holdings. Institutional investors like BlockTower Capital play a crucial role in the development of the cryptocurrency market. Their strategic moves can impact the crypto prices, and their decision-making process helps other investors and traders gain insights into the market.
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