The influence of Binance futures listings on token prices continues to be impressive. Following Binance’s announcement of the launch of RPL futures contracts yesterday, Rocket Pool’s native token, RPL, saw a sharp price increase of 28%.

Seizing this opportunity, investment firm 1kx Network capitalized on the price jump, selling 203,319 RPL worth approximately $2.38 million.

1kx, an early investor in Rocket Pool, has recently been offloading its RPL holdings through Amber Group. Over the past 12 days, 1kx transferred a total of 313,737 RPL, valued at around $3.71 million, to Amber Group’s address, which then sent the tokens to Binance for liquidation.

Rocket Pool Investor, 1KX Takes Profit From 570,393 RPL Allocation 

As a major investor in Rocket Pool, 1kx initially received an allocation of 570,393 RPL in December 2021 as part of its investment. In 2023, the firm deposited its entire allocation into Rocket Pool’s node staking system, benefiting from staking rewards. Despite its recent sales, 1kx still has a significant stake, with 315,835 RPL tokens valued at $3.63 million currently staked.

The recent price surge in RPL highlights how Binance futures listings can drive substantial market movements, offering institutional investors like 1kx opportunities to take profits. However, with over $3.63 million worth of RPL still staked, 1kx continues to maintain a notable position in the Rocket Pool ecosystem, signaling long-term interest in the project.

As RPL remains a key player in the decentralized staking space, the impact of futures listings and institutional actions like these will likely continue to influence market dynamics.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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