Brevan Howard Digital, a prominent US-based crypto investment firm also known as Dragonfly Capital, has shifted a substantial sum of Lido DAO (LDO) tokens to Binance, the leading cryptocurrency exchange platform. The transaction involved the transfer of LDO tokens valued at $1.63 million.
Substantial LDO Token Transaction Detected
Analysis by the on-chain data service Spot On Chain revealed that Brevan Howard Digital recently sent 599,123 LDO tokens to Binance. The tokens have a market value of $1.63 million. Over the past four days, Brevan Howard Digital has moved a total of 2.45 million LDO tokens to Binance, worth approximately $6.77 million, with each token averaging $2.77 in value.
Spot On Chain also highlighted that the investment firm’s wallet still holds around 584,000 LDO tokens, currently worth $1.6 million, raising the possibility of additional transfers to the exchange in the near future.
LDO Token Faces Ongoing Sell-Off Risks
The relocation of large LDO holdings to Binance by Brevan Howard Digital suggests a trend towards selling the asset directly on the market. This pattern indicates persistent risks for LDO investors, as the altcoin has been experiencing a downtrend amid ongoing selling pressure.
Market data from CoinMarketCap reveals that LDO’s value has dipped by 1.40% in the last day, trading at $2.74. Despite this minor decline, trading volume for the altcoin has surged by 77%, signifying robust interest from traders and investors. However, a glance at the historical performance shows a 10.25% price reduction over the last week, with a month-long loss totaling 15.81%.