DWF Labs Faces Losses On $CRV Deposits As Reserve Expands Holdings
DWF Labs has recently deposited all of its OTC-bought $CRV tokens to Binance, realizing a notable loss in the process.
Over the past 28 hours, DWF Labs moved 12.5 million $CRV, worth $4.12 million, to Binance. However, just 9 hours ago, 10.5 million $CRV, valued at $3.44 million, was transferred out.
DWF Labs has deposited all their OTC-bought $CRV to Binance at a loss!
In the past 28 hours, @DWFLabs deposited all 12.5M $CRV ($4.12M) to #Binance, of which the last 10.5M $CRV ($3.44M) was transferred out 9 hours ago.
With an OTC-buying price of $0.4 and an average… https://t.co/vbpeq1WLaU pic.twitter.com/LbBkxnVY6c
— Spot On Chain (@spotonchain) August 23, 2024
The OTC buying price for these tokens was $0.40 each, while the average deposit price on centralized exchanges was $0.33. This discrepancy suggests that DWF Labs is facing an estimated loss of $875,000, which represents a 17.5% decrease in value.
In a contrasting move, the decentralized stablecoin platform Reserve Protocol ($RSR) has been actively accumulating $CRV. Over the past six days, Reserve, via market maker @GSR_io, purchased 2.03 million $CRV for $6.45 million. This transaction involved sending 2.03 million $USDC to @GSR_io from the address 0x0cD…a13, and receiving 6,450,704 $CRV from GSR Markets, at an average purchase price of $0.314.
The decentralized stablecoin platform Reserve @reserveprotocol ( $RSR) purchased 2.03M of $CRV (6.45 million$) through market maker @GSR_io in the past 6 days.
Reserve transferred 2.03M $USDC to @GSR_io through the 0x0cD…a13 address, and then received 6,450,704 $CRV from the… pic.twitter.com/Syv5gQqjqN
— RangersBull (@BullRangers) August 22, 2024
Reserve Spent $1 Million To Acquire 2.5 Million $CRV Last AugustAdditionally, Reserve was among the buyers of OTC $CRV from Curve’s founder last August, spending $1 million to acquire 2.5 million $CRV at $0.40 each. Currently, Reserve holds a total of 19.41 million $CRV, valued at $6.38 million.
These contrasting strategies highlight the volatility and complexities within the $CRV market. While DWF Labs is grappling with losses, Reserve Protocol’s aggressive accumulation reflects confidence in the token’s long-term value.
Looks like all that $CRV that @reserveprotocol acquired from GSR markets was