Wintermute, a cryptocurrency market maker and trading firm, transferred $5 million worth of dYdX (DYDX) to different 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 around 3.1 million DYDX tokens, with approximately 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%, falling from $2.14 to $1.94. However, the token has since recovered 3% and is currently trading at around $1.98. CMC provides data on DYDX price movements.
Selling pressure
Wintermute’s transfers resulted in a 10% drop in DYDX price, 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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