ETH

$3M in BLUR About To Be Sold?

by BSCN

August 28, 2023

Data from analytics platform, Arkham Intelligence, points to more than 13 million BLUR tokens sent to exchange deposit addresses in the last 24 hours.

According to data from Arkham Intelligence, some 13.1 million BLUR tokens, valued at $3 million, have been sent to exchange deposit addresses in the last day.

*Wintermute sent $3 million in BLUR to exchange deposit addresses. Source: Arkham Intelligence*

More specifically, well-known cryptocurrency market-making firm, Wintermute, sent the tokens from its 0xDBF address (which holds nearly $100 million cryptocurrency), to its deposit wallet addresses associated with centralized exchanges, OKX and Kraken.

Suspicions and accusations have emerged, regarding these specific BLUR tokens being traced to unlocked allocations belonging to both the Blur team, and early investors in the platform.

However, whoever the tokens belong to, it seems clear that they are using Wintermute to offload their tokens in the most efficient way possible, likely using a Wintermute OTC product/service.

BLUR Surges 9.5% on the 24-hour

The movements of the BLUR token coincide with what has been a bullish 24 hours for the NFT marketplace token, with price increasing nearly 10% on the day, to currently sit at around the $0.22 mark.

*BLUR 24h Price Chart. Source: CoinMarketCap*

The impact of the aforementioned 13 million BLUR tokens is yet to be seen, if and when said tokens are dumped on the open market.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].