News

Investors Flee $BLAST, TVL Drops 24%, But Hedge Fund Sees Potential

Since its launch on June 26, $BLAST has seen a significant exodus of big investors, resulting in a near 24% drop in Total Value Locked (TVL).

Address 0x663…268c4, linked to @General6316, recently redeemed 1,300 ETH from Blast, depositing it all into Binance, with a value of $4.06 million.

This address began interacting with Blast eight months ago, transferring ETH from Binance at an average price of $2,987. If the recent ETH deposit is sold, the investor stands to make a profit of $170,000.

Gotbit Hedge Fund Sees Potential In $Blast Token

Despite this downturn, Gotbit Hedge Fund believes Blast is undervalued. According to Gotbit, the recent price drop is a temporary liquidity withdrawal from airdrop participants and not a sign of Blast’s decline. They are optimistic about Blast’s future, seeing trends that indicate an upcoming price pump.

Related Post

“We would be happy to invest in the Blast Ecosystem because we see trends for the upcoming pump,” Gotbit stated.

While the immediate outlook for $BLAST appears shaky, the confidence expressed by Gotbit Hedge Fund suggests that there may be a positive turnaround on the horizon. The current situation may represent a strategic opportunity for new investors to enter the Blast ecosystem at a lower price point before a potential surge in value.

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

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: itchaznong/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

Surprise Hit: DEBO Joins the Ranks of the Best Crypto to Buy Now for Explosive Gains!

As 2025 kicks off, the crypto presale market is buzzing with new meme coins ready…

17 mins ago

Best Crypto Presale: Top 7 Coin Presales Set to Deliver Massive Gains as 2025 Kicks Off

Can you overlook the most successful crypto presales of the year that can potentially transform…

25 mins ago

Institutional Investor Accumulates $AI16Z, Reaps Over $6.99 Million In Profits

Over the past month, a prominent institutional investor, often referred to as "smart money," has…

3 hours ago

Ethereum Whales Dominate Supply As Key Price Levels Shape Market Outlook

A new analysis reveals a staggering concentration of Ethereum holdings, with just 104 whale addresses…

3 hours ago

Altcoins Rally Amid Bitcoin’s Decline, Accumulation Remains Strong

Tuesday saw a significant breakout in the altcoin market, even as Bitcoin briefly dipped to…

3 hours ago

Stablecoin Adoption Surges In Emerging Markets, TRON Leads The Way

In 2024, the adoption of stablecoins experienced rapid growth in regions such as Latin America,…

3 hours ago