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Brevan Howard Digital, a cryptocurrency hedge fund formerly known as Dragonfly Capital, has been selling $LDO tokens for the past three days, according to blockchain data.
The fund transferred 750,000 $LDO tokens to the exchange for a total of $1.18 million at an average price of $1.57. The transactions took place as follows:
- On September 5, the fund sent 250,000 $LDO tokens worth $388,000 to Binance at a price of $1.55 per token.
- On September 7, the fund sent another 250,000 $LDO tokens worth $392,000 to Coinbase Custody at a price of $1.57 per token.
- On September 8, the fund sent the last batch of 250,000 $LDO tokens to Coinbase Custody at $1.58 per token, or $394,000.
The source address for these transfers currently holds 7.08 million $LDO tokens, worth $10.8 million at the current price of $1.53 per token. The fund's last token transfer to the stock exchanges before the latest transactions took place in May.
Brevan Howard Digital has been accumulating $LDO tokens since July 2021 and has purchased a total of 17.07 million $LDO tokens at an average price of $1.6 per token. The fund mostly buys during market declines and has not participated in any public $LDO token sales or auctions.
However, the fund has been gradually reducing its $LDO holdings since March 2023 and raised $25.12 million by selling a total of 10.07 million $LDO tokens at an average price of $2.49 per token.
*This is not investment advice.
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coindesk.com
cryptopolitan.com