VELO Coin (VELO) and Other Top 5 Cryptocurrencies Witnessing Massive Dump in Exchanges

• The crypto market witnessed intriguing activities on May 6, 2024, with significant deposits and transfers made by whales and institutional players, including in VELO coin, Ethereum, and various other cryptocurrencies.
• DWF Labs, an active company in the crypto space, deposited 10 million VELO tokens (approximately $205,000) into the Bybit exchange.
• Symbolic Capital Partners and other whales appear to be reducing their Ethereum (ETH) assets, while MakerDAO team made significant deposits in MKR tokens.

On May 6, 2024, the crypto market saw significant activity from institutional players and whales, including major deposits in VELO coin and Ethereum. This article delves into these activities and their potential implications.

DWF Labs Makes a Move with VELO Coin

DWF Labs, an active player in the crypto space, deposited 10 million VELO tokens, equivalent to approximately $205,000, into the Bybit exchange. This move follows the company’s acquisition of 75 million VELO at a much lower price of $0.003 last year. Previously, in 2023, they had deposited 45 million VELO into Bybit, indicating potential confidence in the token’s growth. DWF Labs currently holds 30 million VELO, suggesting a long-term strategy.

Symbolic Capital Partners and Other Whales Active in the ETH Market

Symbolic Capital Partners, a leading venture capital firm established by the creator of Polygon, appears to be reducing its Ethereum (ETH) assets. On-chain data from @ai_9684xtpa revealed that the firm transferred 4,205 ETH, representing $13.18 million, to Binance in the last 18 hours. This follows a larger transfer of 21,519 ETH worth $66.79 million last week. The reasons behind these sales are unknown, but they could be for profit-taking or portfolio rebalancing.

Whale Activities in Ethereum

Two separate whale activities involving Ethereum were observed. A whale address deposited 7,000 ETH (approximately $21.97 million) into Binance. Interestingly, this whale had withdrawn a larger amount (12,905 ETH) from Binance at a much lower price last year and deposited it into the staking platform Lido. The recent return to Binance suggests a potential short-term trading strategy or profit-taking strategy. If this 7,000 ETH is sold, it could yield a significant profit of $8.91 million.

MakerDAO Team Deposits MKR

A multisig wallet suspected to belong to MakerDAO, a decentralized finance (DeFi) protocol, deposited an additional 750 MKR tokens (approximately $2.19 million) into Binance. This follows a trend observed since March 18, 2024, where the wallet deposited a total of 11,993 MKR (approximately $31.2 million) into centralized exchanges (CEXs) often ahead of potential price drops. The wallet still holds a significant amount of MKR, indicating that they might be strategically managing their reserves.

Conclusion

The recent activities in the crypto market highlight the strategic moves of institutional players and whales. Whether it’s DWF Labs’ confidence in VELO coin, Symbolic Capital Partners’ apparent reduction of ETH assets, or MakerDAO’s strategic management of MKR reserves, these movements provide valuable insights into the strategies and expectations of major players in the crypto market.