A new wave of OP tokens may soon flood the market.
The decentralized finance (DeFi) powerhouse, Wintermute, has been spotted making a strategic move ahead of an imminent event that will witness an avalanche of Optimism (OP) tokens hitting the market.
The firm has strategically shifted its OP tokens to a crypto exchange, Binance wallet, just as a major unlock event is set to unfetter a whopping $587 million worth of assets.
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Wintermute is evidently bracing for the scheduled unlock event on May 31st, which promises to unleash a staggering 386 million OP tokens to early backers and investors.
Accounting for 9% of the total supply, these tokens are set to skyrocket the circulating supply by a considerable margin, well over 100%, to be precise.
The past couple of days have seen Wintermute’s wallet engaged in sizeable transfer activity, shifting 2.651 million OP, valued at $4.31 million, to Binance.
As reported by Spot on Chain, the leading on-chain analytics platform, Optimism sold tokens for $1.63 per OP.
The above-mentioned analytics platform further reveals that Wintermute has amassed an impressive 21.31M OP from crypto giants Binance and Coinbase at an average buying price of $1.01.
The DeFi titan has already offloaded 5.9 million tokens worth a jaw-dropping $10.6 million. As of now, Wintermute’s holding stands at a formidable 15.37 million OP, pegged at roughly $23.4 million at the current market rates.
In other significant developments, Optimism is scheduled to undergo a noteworthy upgrade termed “Bedrock” on June 6th. The anticipated upgrade, announced on May 16th, promises to drive down transaction costs and improve synergy with the Ethereum network.
All eyes are on Wintermute and its maneuvers in anticipation of the unlock event that could see a new wave of OP tokens flooding the market. Meanwhile, the upcoming Optimism upgrade adds to the intrigue in the Ethereum ecosystem. This high-stakes juggling act will be fascinating to watch as the unfolding drama of the crypto world continues.
It is worth noting that, in September, Wintermute suffered a $160 million hack.
