BlockTower Capital Sells TRU Amid Crypto Market Volatility

02/17/2023 06:20 • Tech Ticker • 128 views

According to the report, according to the monitoring and analysis of the online data platform @ Lookonchain, BlockTower Capital, the largest holder of TRU, transferred 22 million TRUs ($2.4 million) to Coinbase six hours ago, and sold 3.33 million TRUs through DEX at an average price of $0.086.

BlockTower Capital, the largest holder of TRU, sold 3.33 million TRUs six hours ago

Interpret the above information:

An online data platform, @Lookonchain, has reported that BlockTower Capital, the largest holder of TRU, recently transferred 22 million TRUs (equivalent to $2.4 million) to Coinbase and sold 3.33 million TRUs via DEX at an average price of $0.086. This move by BlockTower Capital comes amid the ongoing volatility in the cryptocurrency market.

It is important to note that TRU is the native token of TrustToken, a platform that issues tokens backed by real-world assets. The demand for TRU has been on the rise lately, with the token experiencing a price surge in recent times. According to CoinGecko, TRU has had a 24-hour trading volume of $15.8 million, with a market capitalization of $176.7 million at the time of writing.

The transfer of 22 million TRUs to Coinbase is significant as it gives the crypto exchange more supply of the token. This could have a positive impact on the overall trading volume and liquidity of TRU. Furthermore, it suggests that BlockTower Capital is looking to take profits on its TRU holdings by selling a portion of it through DEX. The sale of 3.33 million TRUs via DEX at an average price of $0.086 also indicates that BlockTower Capital is not looking to dump all its holdings at once, but rather adopt a staggered approach to selling its tokens.

The move by BlockTower Capital has come at a time of high volatility in the cryptocurrency market, with Bitcoin experiencing a significant price dip in recent weeks. This could be seen as a signal that even large investors are looking to take profits or adjust their crypto holdings in light of market dynamics. It is also worth noting that news of large investors selling their cryptocurrency holdings has been known to trigger panic selling among retail investors, which can lead to further price declines and market instability.

In conclusion, BlockTower Capital’s recent transfer and sale of TRU tokens suggests a strategic move to take profits on its holdings amid the current volatility in the crypto market. This move by the large investor could also have a positive impact on the trading volume and liquidity of TRU. Nevertheless, the move could have wider implications for the crypto market, possibly signaling a shift in investor sentiments and market dynamics.

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