September 1, 2022: Whales are Accumulating?🐋🐳
Why Unusual On-Chain Activity May be Institutions Stashing $CRV
curve.substack.com/p/sept-1-2022-…
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Lately @0xroborosCap and @DefiMoon have noted unusual activity.
Whale wallets accumulating large amounts of $CRV in what is speculated to be institutional hoarding.
What exactly is going on?
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Specifically, at least a dozen wallets follow this same pattern:
Over the course of hours, sometimes days, a rapid succession of 5 figure withdrawals of $CRV from Coinbase to a previously empty wallet.
Once the wallet hits high 6 to low 7 figures, it sits idle.
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@0xroborosCap suggests this pattern has the classic signature of institutional behavior, structured as to fall below the radar of on-chain analysts.
He suspects they are trying to front-run $crvUSD.
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Coinciding with the $CRV emissions reduction, major exchanges may be running out.
This past month was the largest net outflow of $CRV from exchanges in the token's history.
Large withdrawals from Binance and FTX are constraining supply.
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Big thanks to @crypto_condom for research help!
🔏Paid post presents far more detail on the subject: curve.substack.com/p/sept-1-2022-…
Please note RTs are less effective, as we are shadowbanned for our support of #FreeAlex. Better to quote tweet or link directly via a new Tweet!
Wow, the shadowban also hits quote tweeters:
See you on #LensProtocol
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