Major VC Takes Action: Framework Ventures Moves SNX to Coinbase Prime
Release: 2024/12/06 22:30 Reading: 599
Framework Ventures Transfers SNX Tokens to Coinbase Prime
Framework Ventures, a leading crypto venture firm known for its investment in Synthetix (SNX), has transferred 6.5 million SNX tokens to Coinbase Prime. This move suggests a profit-taking strategy following SNX's recent price surge.
Framework Ventures' Long-Term Position in Synthetix
Despite the recent sale, Framework Ventures remains a significant stakeholder in Synthetix, holding 17.9 million SNX tokens valued at approximately $54 million. This substantial stake affirms their commitment to Synthetix and their belief in the long-term potential of decentralized finance (DeFi).
Other Strategic Whale Moves in the Market
SNX is not the only token subject to selling pressure. Analysis by Spot On Chain indicates that another whale recently deposited $7.3 million worth of PEPE tokens into Kraken, realizing a substantial profit. These examples highlight the tactical maneuvers shaping the crypto landscape.
Conclusion
Framework Ventures' strategic actions showcase their dual approach: short-term profit-taking while maintaining a strong presence in key ecosystems like Synthetix. These whale moves offer valuable insights for retail and institutional investors, providing a glimpse into the dynamic nature of the crypto market.
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