Wintermute, a cryptocurrency market maker and trading firm, transferred $5 million worth of dYdX (DYDX) to various exchange platforms, causing a price drop of up to 10%. On-chain analysis platform Lookonchain reported that Wintermute transferred 2.6 million DYDX tokens, worth $5.08 million, to various exchange platforms.
Wintermute’s large transfers
Wintermute initially transferred 650,000 DYDX tokens but quickly increased the amount to 2.66 million DYDX tokens worth $5.3 million. In total, Wintermute now holds approximately 3.1 million DYDX tokens, with about 90% of its assets transferred to exchange platforms. Currently, Wintermute’s wallet still contains around 461,000 DYDX tokens worth $908,000.
DYDX price drop
Following the transfers, the price of DYDX experienced a significant drop of nearly 10%, going from $2.14 to $1.94. However, the token has since recovered by 3% and is currently trading at around $1.98. CMC provides data on DYDX price movements.
Selling pressure
Wintermute’s transfers led to a 10% drop in the price of DYDX, supporting Lookonchain’s theory of selling pressure. Since then, Wintermute has made additional transfers totaling 63,000 DYDX tokens. Lookonchain initially reported the transfers about 22 hours ago, suggesting that Wintermute may be selling its holdings.
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