VELO Coin (VELO) and Other Top 5 Cryptocurrencies Witnessing Massive Dump in Exchanges
- The crypto market witnessed intriguing activities on May 6, 2024, with significant deposits and transfers made by whales and institutional players, including in VELO coin, Ethereum, and various other cryptocurrencies.
- DWF Labs, an active company in the crypto space, deposited 10 million VELO tokens (approximately $205,000) into the Bybit exchange.
- Symbolic Capital Partners and other whales appear to be reducing their Ethereum (ETH) assets, while MakerDAO team made significant deposits in MKR tokens.
On May 6, 2024, the crypto market saw significant activity from institutional players and whales, including major deposits in VELO coin and Ethereum. This article delves into these activities and their potential implications.
DWF Labs Makes a Move with VELO Coin
DWF Labs, an active player in the crypto space, deposited 10 million VELO tokens, equivalent to approximately $205,000, into the Bybit exchange. This move follows the company’s acquisition of 75 million VELO at a much lower price of $0.003 last year. Previously, in 2023, they had deposited 45 million VELO into Bybit, indicating potential confidence in the token’s growth. DWF Labs currently holds 30 million VELO, suggesting a long-term strategy.
Symbolic Capital Partners and Other Whales Active in the ETH Market
Symbolic Capital Partners, a leading venture capital firm established by the creator of Polygon, appears to be reducing its Ethereum (ETH) assets. On-chain data from @ai_9684xtpa revealed that the firm transferred 4,205 ETH, representing $13.18 million, to Binance in the last 18 hours. This follows a larger transfer of 21,519 ETH worth $66.79 million last week. The reasons behind these sales are unknown, but they could be for profit-taking or portfolio rebalancing.
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