Chain analysis from Spot On Chain reveals that the top seven investors in the NFT marketplace Blur’s platform token, BLUR, have amassed over $55 million in unrealized profits. Data indicates that these wallets have been accumulating BLUR from the US-based exchange Coinbase, especially following monthly token unlock events, which could be driving price surges.
These addresses currently hold approximately 5.86% of BLUR’s supply, amounting to 175.7 million BLUR valued at $116.3 million. The concentration of such a significant portion of BLUR in only seven wallets raises concerns among investors about potential market impact.
Despite a general market downturn, BLUR notably defied the trend, registering a 14.02% increase in the last 24 hours, trading at $0.6604 at the time of this report.
Unrealized profit refers to the difference between the current value of an open investment or trade position and the initial cost. This profit is not realized until the asset is sold or the trade is closed.
Unrealized profit affects an investor’s portfolio value theoretically and is subject to change with market conditions and asset price fluctuations. It’s important to note that unrealized gains can turn into losses if the asset’s value decreases.