Hedge Fund Brevan Howard Digital Has Been Selling Altcoins on Binance for the Last Three Days
Brevan Howard Digital, a cryptocurrency hedge fund formerly known as Dragonfly Capital, has been selling LDO tokens for the past three days, according to blockchain data.
The fund transferred 750,000 LDO tokens to the exchange for a total of $1.18 million at an average price of $1.57. The transactions took place as follows:
- On September 5, the fund sent 250,000 LDO tokens worth $388,000 to Binance at a price of $1.55 per token.
- On September 7, the fund sent another 250,000 LDO tokens worth $392,000 to Coinbase Custody at a price of $1.57 per token.
- On September 8, the fund sent the last batch of 250,000 LDO tokens to Coinbase Custody at $1.58 per token, or $394,000.
The source address for these transfers currently holds 7.08 million LDO tokens, worth $10.8 million at the current price of $1.53 per token. The fund’s last token transfer to the stock exchanges before the latest transactions took place in May.
Brevan Howard Digital has been accumulating LDO tokens since July 2021 and has purchased a total of 17.07 million LDO tokens at an average price of $1.6 per token. The fund mostly buys during market declines and has not participated in any public LDO token sales or auctions.
However, the fund has been gradually reducing its LDO holdings since March 2023 and raised $25.12 million by selling a total of 10.07 million LDO tokens at an average price of $2.49 per token.
*This is not investment advice.
