Michael Egorov deposited 2.5 million CRV to one of the world’s leading cryptocurrency exchanges, Binance, sparking speculations. By Coingape Staff 53 mins ago Updated 31 mins ago
Story Highlights
- Curve Finance founder Michael Egorov shifts notable amounts of CRV to Binance.
- The transfer took place amid a drop noted by the CRV token.
- CRV continued its bearish movement today, aligning with the token’s derivatives data.
In what seems to have captured noteworthy interest across the cryptocurrency landscape, Michael Egrov, the founder of Curve Finance, deposited a whopping 2.5 million CRV to Binance, one of the world’s leading cryptocurrency exchanges. This colossal transfer appears to have piqued the interest of crypto market enthusiasts globally, as the CRV token also dropped just prior to the transfer, as seen by charts offered by Trading View.
Meanwhile, the token traded primarily in the red today, aligning with the significant dump to Binance. The derivatives data for the CRV birthed additional inferences for its price action shortly ahead.
A Closer Look Into The Report
According to the data unveiled by the blockchain tracker LookonChain, a wallet linked to Michael Egorov, 0xc78423bc8AB4697C74AA7b95658bb320eEC47193, deposited CRV worth $1.34 million to Binance yesterday, February 16. Price movements by Trading View suggested that the transfer of CRV to Binance took place amid a substantial drop noted by the token. Moreover, following the dump, the price continued to showcase bearish movements.
This plunge in CRV also reflected a downtrend in the broader crypto market when aligned with the marginal drop in the token’s open interest. As per Coinglass‘ data, the open interest dropped 0.76% as of press time, reaching $82.34 million. However, an increase in the volume showcased by Coinglass portrayed heightened market activity for CRV.
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CRV Price Tumbles
As of writing, the CRV price showcased a substantial drop of 3.43% over the past 24 hours and is currently resting at $0.5338. The token’s 24-hour trading volume and market cap also noted a plunge of 14.90% and 3.36%, respectively, per data by CoinMarketCap.
Market sentiments for the token seem to be riding a wave of bearish thoughts as the token noted a considerable drop while options data also mirrored the same. Michael Egorov’s significant offloading further weighs in on the token’s bearish movement in the market.