The US-based crypto investment firm Brevan Howard Digital (also known as Dragonfly Capital) has recently been found to have made a significant transaction in Lido DAO, a decentralized autonomous organization providing staking infrastructure for multiple blockchain networks. According to on-chain data, the company transferred LDO tokens worth $1.63 million to the cryptocurrency exchange Binance.
Transferred $1.63 Million Worth of LDO to Binance
The on-chain data platform Spot On Chain reported that Brevan Howard Digital recently moved 599,123 LDO tokens, valued at $1.63 million, to Binance, the world’s largest cryptocurrency exchange. Historical data shows that in the last four days, the company has deposited 2.45 million LDO tokens worth $6.77 million to Binance at an average price of $2.77 each.
Furthermore, Spot On Chain warned that Brevan Howard Digital’s wallet still contains 584,000 LDO tokens worth $1.6 million, which could also be transferred to the cryptocurrency exchange soon.
LDO Continues to Face Selling Pressure
The fact that Brevan Howard Digital is moving large amounts of LDO to centralized cryptocurrency exchanges like Binance is a sign of direct asset sales. This situation can be considered a sign that the danger has not passed for investors of the altcoin, which has been moving downward under selling pressure for some time.
According to CoinMarketCap data, LDO has seen a 1.40% decrease in the last 24 hours, trading at $2.74. Despite the price drop of up to 1.5%, the altcoin’s trading volume has increased by a significant 77%, reaching $73.58 million, indicating continued investor interest.
Looking at past data, LDO’s price has fallen by 10.25% over the last 7 days, with the loss over the last 30 days reaching 15.81%.
