Blockchain Capital Sold Off LDO, RPL Before Shanghai Upgrade

Blockchain Capital, a leading venture firm in the blockchain industry, sold significant amounts of liquid staking derivatives (LSDs) yesterday. The transactions were reported in Lookonchain’s countdown to the Ethereum Shanghai Upgrade.

Lookonchain mentioned that Blockchain Capital sold 1.5 million $LDO worth $2.52 million and 65,352 $RPL worth $2.9 million.

According to Lookonchain, Blockchain Capital no longer holds any $LDO but holds only 107,085 $RPL valued at $4.52 million after selling those tokens.

Lookonchain reported that Blockchain Capital bought 1.5 million $LDO with 1,000 $ETH between January 27 and February 21, 2022. Then, the value of the $ETH used in the transaction was $2.52 million, and the average price of the $LDO tokens bought was $1.64. Blockchain Capital sold all the $LDO it acquired during this period today at $2.33, earning 1,871 $ETH in the transaction, with a value of $3.57 million, reflecting a profit of $1.05 million.

Similarly, Lookonchain noted that on April 15, 2022, Blockchain Capital bought 59,236 $RPL using 2 million USDC at $34 per $RPL. Before this transaction, the venture firm bought 61,539 $RPL using 600 $ETH, valued at $2.15 million. It executed the transaction on October 8, 2021, when the price of $RPL was $35.

From its total holdings, Blockchain Capital sold 65,352 $RPL at $44 per token and earned 1,522 $ETH valued at $2.9 million. Based on the price of $ETH at the time of the report, Blockchain Capital made a profit of almost $1.09 million in the $RPL transaction.

Ethereum’s Shanghai upgrade is now active, and users expect volatility in the cryptocurrency market. Big investors like Blockchain Capital could play significant roles in how the market develops in the coming hours.