In the last 14 hours, GSR Markets has deposited 7.41% of Neiro’s ($NEIRO) total supply back into the Bybit exchange.
This move comes shortly after a series of significant withdrawals: between October 8 and October 21, GSR Markets pulled approximately 74.13 million $NEIRO from Bybit at an average price of $0.084 per token, totaling an estimated $6.2 million.
While this deposit may raise questions, the likely intention behind the move is to enhance liquidity rather than initiate a large sale. A true sell-off at the current average price of $0.075 would amount to around $5.53 million, resulting in a potential loss of approximately $669,000—a 10.8% decline after just 18 days.
GSR Markets deposited 7.41% of @NeiroOnEthereum’s total supply back to Bybit in the last 14 hours!
Notably, GSR Markets withdrew 74.13M $NEIRO from #Bybit at an average price of $0.084 (estimated cost: $6.2M) between Oct 8 and 21, 2024.
However, this action is likely intended… https://t.co/pNzp5hsqzk pic.twitter.com/BtWBfkHTgR
— Spot On Chain (@spotonchain) October 26, 2024
In the volatile cryptocurrency market, liquidity often plays a crucial role in ensuring smooth trading and stability for tokens. By returning a portion of $NEIRO to Bybit, GSR Markets could be positioning itself to support trading volumes and improve liquidity for $NEIRO, possibly mitigating potential price impacts and contributing to healthier market dynamics.
As market participants closely monitor GSR’s actions, the focus remains on how this injection of $NEIRO supply into Bybit might impact trading activity and market sentiment. While the crypto market is accustomed to sharp fluctuations, strategic moves like this can reveal much about a company’s intentions, especially in periods of heightened volatility. The crypto community will be watching for GSR’s next moves in the days to come.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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