Two Whales Move 4.72 Million CRV Tokens Worth $2.11 Million From Binance To Convex

Key Points:

• Two significant whales withdrew 4.72 million CRV tokens, valued at $2.11 million, from Binance and promptly deposited them into the Convex platform, signaling a strategic move within the crypto space.
• This noteworthy activity reflects growing interest in Convex’s yield optimization strategies and underscores the influence of large-scale crypto transactions on market sentiment and trends.

Cryptocurrency markets were abuzz as on-chain analyst Yu Jin reported a substantial movement in CRV Tokens involving two crypto whales. 

These whales collectively withdrew a staggering 4.72 million Curve (CRV) tokens from Binance, valued at approximately $2.11 million. What caught the attention of market watchers was the subsequent deposit of these tokens into the Convex platform.

The first address, beginning with ‘0xdf1,’ withdrew a significant 3.18 million CRV tokens, translating to approximately $1.43 million, from Binance. Astonishingly, these tokens were promptly deposited into Convex, with an average price of $0.45 per CRV token.

The second address, starting with ‘0x171,’ withdrew a substantial 1.54 million CRV tokens, valued at about $680,000, from Binance. Intriguingly, this address had previously made a withdrawal of 3.81 million CRV tokens from Binance on September 15. In total, the address has transferred a remarkable 5.36 million tokens, with an average price of $0.42, into Convex over two transactions.

This notable activity indicates a strategic move by these two whales to consolidate their CRV holdings within the Convex ecosystem. Convex, known for its yield optimization strategies, appears to have attracted significant interest from these large investors, leading them to move substantial amounts of CRV tokens into the platform.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.