Corporate Whale Missed an Altcoin: The Size of the Sales is Huge!

A cryptocurrency wallet thought to belong to a corporate whale started selling millions of dollars for an altcoin.

A possible institutional wallet was activated for Lido Finance (LDO) on July 23, according to data relayed by on-chain analysis platform Lookonchain.

The institution affiliated with Anchorage Digital and Brevan Howard Digital deposited 2.95 million LDO, worth $5.4 million, on cryptocurrency exchange Binance.

The institution withdrew 3.75 million LDO worth $6.18 million from Binance between October 10 and November 20, 2023. The average LDO purchase price of the whale was recorded as $1.65.

Considering the current LDO price, if this institution sells all its LDO assets, it will make a profit of $537 thousand.

According to CoinGecko data, LDO, which has lost 6% of its value in the last 24 hours, is traded at $ 1.76 at the time of writing.