Dragonfly Capital recently made significant moves in the market, with two of its addresses depositing 62.62 million AEVO tokens (equivalent to $25.04 million USD) into FalconX.
Reports suggest that this transaction clears out all of Dragonflyâs AEVO positions that were accumulated since May, leading to an estimated loss of $36.84 million.
Between May 13 and May 15, Dragonfly had withdrawn 63.23 million RBN tokens from Coinbase, purchasing them at an average price of $0.9882 per token. They then swapped RBN tokens one-to-one for AEVO. However, the market downturn hit hardâAEVOâs price has now dropped to $0.3999, marking a nearly 59% decline from Dragonflyâs entry point.
Dragonfly Capital ç两个ĺ°ĺ 6 ĺ°ćśĺĺ
#FalconX ĺ
ĺź 6262 ä¸ć AEVOďźçşŚ 2504 ä¸çžéďźďźçäźźć¸
äťäşć䝼ćĽçććäťä˝ďźé˘čŽĄäşć 3684 ä¸çžéđŠ¸
两个ĺ°ĺćžĺ¨ 05.13 â 05.15 ćé´äťĽĺ䝡 $0.9882 äť
#Coinbase ćĺş 6323 ä¸ć RBNďźéĺĺ° $RBN ä¸ĺŻšä¸ĺ
ć˘ä¸ş $AEVO ďźç°äťˇäť
$0.3999ďźä¸čˇčż 59% pic.twitter.com/EzH0AA24PQ
â Ai 姨 (@ai_9684xtpa) September 24, 2024
This series of transactions highlights the risks involved in trading and holding assets in a volatile market. What was once a significant investment of approximately $61 million has now dwindled to $25 million, leaving Dragonfly Capital with a massive unrealized loss. The sharp drop in AEVOâs value, paired with the liquidation of all positions, signals a strategic retreat from this asset amid unfavorable market conditions.
Dragonflyâs actions underline the ongoing challenges that even large investors face in the cryptocurrency space. The rapid decline in AEVOâs price, compounded by the significant loss of nearly $37 million, serves as a stark reminder of the unpredictability in the market. For Dragonfly Capital, this marks a considerable setback, yet it also opens up speculation about how they will navigate future investments following this major liquidation.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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