DWF Labs Deposits All OTC-Bought $CRV Tokens to Binance at a Loss!

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, a prominent cryptocurrency market maker, recently sold all of the OTC-bought $CRV tokens at a loss. According to on-chain data, a total of 12.5 million $CRV, valued at $4.12 million, were moved by DWF Labs to Binance over the past 28 hours. However, about 9 hours ago, 10.5 million $CRV, worth $3.44 million, were withdrawn from Binance.

The OTC buying price for these tokens was $0.40 each, while the average deposit price on centralized exchanges was $0.33. This variance indicates that DWF Labs is facing an estimated loss of $875,000, reflecting a 17.5% decrease in value.

In a contrasting move, 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.

Moreover, last August, Reserve was among the buyers of OTC $CRV from Curve’s founder, spending $1 million to acquire 2.5 million $CRV at $0.40 each. At present, 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. As DWF Labs grapples with losses, Reserve Protocol's aggressive accumulation reflects confidence in the token’s long-term value.