Crypto market maker Wintermute Trading on Monday dumped Optimism (OP) tokens value hundreds of thousands. The transfer comes as 9% Optimism tokens value hundreds of thousands of {dollars} are about to unlock on June 1.
Wintermute has been related to Optimism for offering the availability of tokens and sustaining liquidity out there. OP worth marginally buying and selling decrease amid promoting by the agency.
Wintermute Trading Selling Optimism Tokens
Wintermute began promoting Optimism tokens on Sunday by promoting 1000 Optimism (OP) tokens. However, the market maker dumped 2.65 million OP tokens value almost $5 million previously 24 hours.
The firm dumped 2 million OP tokens in a single transaction to Binance, confirming its intention to dump Optimism tokens forward of the unlocking occasion on June 1.
According to token.unlocks, 9% of the whole Optimism (OP) tokens provide is unlocking on June 1. This represents 386 million OP tokens value over $626 million, which is able to unlock. Among the 9% provide, 4.75% belongs to core contributors and 4.25% belongs to buyers.
Wintermute acquired over 19 million OP tokens from Binance and Coinbase between November to January 2023. The pockets nonetheless has 15.38 million OP tokens value $25 million.
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OP Price To Crash?
OP worth largely buying and selling sideways since final week, with the value at the moment buying and selling at $1.62. The 24-hour high and low are $1.61 and $1.67, respectively. Furthermore, the buying and selling quantity has elevated barely within the final 24 hours, indicating an curiosity amongst merchants.
Typically, a rise in token provide out there follows a lower in worth. Token unlocks are a bearish worth indicator and OP worth can probably fall this week. While there’s no vital upside momentum since this month.
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