US-based
cryptocurrency
investment firm Dragonfly Capital sold all of its AEVO holdings, transferring 62.62 million AEVO tokens to the FalconX exchange for approximately $25.04 million. This transaction resulted in a loss of about $36.84 million for the firm. Consequently, Dragonfly Capital divested all AEVO tokens it had held since May.
Contents
Transaction in May and Source of Loss
Major Transfer to FalconX
Transaction in May and Source of Loss
Between May 13-15, Dragonfly Capital withdrew 63.23 million RBN tokens from the
Coinbase
exchange at an average price of $0.9882. Subsequently, these RBN tokens were exchanged for AEVO on a 1:1 basis.
Currently, AEVO is priced at around $0.39, indicating a 59% decline in value for Dragonfly Capital’s AEVO holdings and confirming the magnitude of their loss.
Major Transfer to FalconX
Following a significant transfer in the last eight hours, Dragonfly Capital moved all its AEVO tokens to the FalconX exchange. This sale marks the complete divestment of AEVO that the firm had held since May. This action serves as an important example of how large funds can manage their positions and alter strategies based on market conditions.
The implications of Dragonfly Capital’s actions may impact AEVO investors and the broader
cryptocurrency market
. Large-scale selling by funds can adversely affect overall market sentiment and the price of AEVO. At the time of reporting, AEVO’s price was $0.3953, reflecting a 0.45% decline in the last 24 hours, indicating that investors are responding to Dragonfly Capital’s move.
This development could prompt AEVO investors to reassess their risk management and strategy decisions. Particularly, the market movements caused by large funds and their transactions may be significant indicators for individual investors.
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Disclaimer:
The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
