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Lookonchain data previously showed that institutional cryptocurrency trading platform FalconX was accumulating Lido Finance ($LDO).
According to the latest data, in addition to FalconX, another institutional cryptocurrency whale, Amber, has also joined the bandwagon of $LDO token accumulators.
An Amber-linked cryptocurrency wallet accumulated 1.19 million $LDO tokens worth $1.8 million via Binance today. Additionally, Amber appears to have accumulated 4.46 million $LDO worth $6.78 million since August 18.
$LDO price is trading at $1.54 at the time of writing and has gained approximately 4% in the last 24 hours.
Liquid staking derivative cryptocurrencies called LSD, including $LDO, help overcome the 32 $ETH deposit barrier required for Ethereum staking transactions and also avoid being locked by returning the staked $ETH tokens to investors as stETH. However, the possibility of any depeg event between stETH and $ETH price is also one of Lido Finance's risks.
Such a depeg incident occurred in November 2022, after a giant cryptocurrency whale withdrew $ 101 million of $ETH from Curve Finance.
*This is not investment advice.
coindesk.com
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cryptopolitan.com
