Despite a recent price decline, the $sdCRV / $CRV pool on Curve Finance has seen substantial action over the past two days, with over 6 million $sdCRV and $CRV swapped, maintaining a strong peg.
This activity is reflected in the pool’s vAPY, indicating sustained interest and usage.
♻️ The $sdCRV / $CRV pool on @CurveFinance saw significant action in the last two days, with over 6M $sdCRV and $CRV swapped while maintaining a strong peg.
The $sdCRV pool vAPY reflects this activity! 🐘 pic.twitter.com/0DwiPB5hna
— Stake DAO (@StakeDAOHQ) August 6, 2024
On-chain reports from Spotonchain reveal significant movements by two prominent whales. Whale 0x431 recently deposited 8.875 million CRV, worth approximately $1.96 million, to Binance.
Similarly, 20 hours earlier, another whale, 0xd11, deposited 8.75 million CRV, valued at $1.93 million, to Binance at a price of $0.22 per token, using the same deposit address, 0x2b9.
Both of these whales had previously acquired their CRV tokens from Michael Egorov, the founder of Curve Finance, during last year’s liquidation crisis. They bought a combined total of 17.63 million CRV at an OTC price of $0.40, costing them a total of $7.05 million.
Two whales (likely one entity) deposited 17.63M $CRV ($3.88M) to #Binance in the past 20 hours!
Notably, they bought $CRV from #CurveFinance founder, Michael Egorov, during the liquidation last year at an OTC price of $0.4.
They would lose $3.17M (-45%) if truly selling at… https://t.co/pcEnDTM8Z1 pic.twitter.com/BghlPcsI9j
— Spot On Chain (@spotonchain) August 6, 2024
Whales Face Serious Losses At Current Price Level
However, with the alleged average selling price now at $0.221, these whales face substantial losses. The estimated combined loss for both whales amounts to approximately $3.17 million, a 45% decrease in value over the course of a year.
This significant activity and the financial hit experienced by these large investors highlight the volatile nature of the cryptocurrency market. Despite the challenges, the $sdCRV / $CRV pool’s robust performance suggests ongoing confidence in Curve Finance’s ecosystem. This resilience is critical as investors navigate the fluctuations and uncertainties inherent in the market.
As the market continues to evolve, all eyes will be on how Curve Finance and its major stakeholders adapt and strategize to mitigate such losses and capitalize on potential recovery opportunities.
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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