DWF Labs Deposits All OTC-Bought $CRV Tokens to Binance at a Loss, While Reserve Protocol Accumulates $CRV

DWF Labs, a cryptocurrency market maker, has realized a significant loss after depositing all of its over-the-counter (OTC)-purchased Curve DAO (CRV) tokens to Binance.

According to on-chain data, DWF Labs moved 12.5 million CRV tokens, valued at $4.12 million, to Binance over the past 28 hours. However, a closer examination of the transaction history reveals that 10.5 million CRV tokens, valued at $3.44 million, were transferred out of Binance just nine hours ago.

The OTC buying price for these tokens was $0.40 each, while the average deposit price on centralized exchanges was $0.33. This discrepancy suggests that DWF Labs is facing an estimated loss of $875,000, which represents a 17.5% decrease in value.

In a contrasting move, decentralized stablecoin platform Reserve Protocol (RSR) has been actively accumulating CRV tokens.

Over the past six days, Reserve, via market maker GSR Markets, purchased 2.03 million CRV tokens for a total of $6.45 million. The transaction involved sending 2.03 million USDC tokens to GSR Markets from the address 0x0cD…a13, and then receiving 6,450,704 CRV tokens from GSR Markets, at an average purchase price of $0.314.

This large-scale purchase by Reserve Protocol marks a significant development in the decentralized finance (DeFi) space. As one of the leading stablecoin issuers, Reserve’s buying strategy and the token being acquired are both closely monitored by the crypto community.

This on-chain activity also provides valuable insights into the broader crypto market trends, especially in relation to specific tokens like CRV.

The above is the detailed content of DWF Labs Deposits All OTC-Bought $CRV Tokens to Binance at a Loss, While Reserve Protocol Accumulates $CRV. For more information, please follow other related articles on the PHP Chinese website!