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Crypto market maker Wintermute Trading on Monday dumped Optimism (OP) tokens value hundreds of thousands. The transfer comes as 9% Optimism tokens value hundreds of thousands of {dollars} are about to unlock on June 1.

Wintermute has been related to Optimism for offering the availability of tokens and sustaining liquidity out there. OP worth marginally buying and selling decrease amid promoting by the agency.

Wintermute Trading Selling Optimism Tokens

Wintermute began promoting Optimism tokens on Sunday by promoting 1000 Optimism (OP) tokens. However, the market maker dumped 2.65 million OP tokens value practically $5 million up to now 24 hours.

The firm dumped 2 million OP tokens in a single transaction to Binance, confirming its intention to dump Optimism tokens forward of the unlocking occasion on June 1.

According to token.unlocks, 9% of the overall Optimism (OP) tokens provide is unlocking on June 1. This represents 386 million OP tokens value over $626 million, which can unlock. Among the 9% provide, 4.75% belongs to core contributors and 4.25% belongs to traders.

Wintermute obtained over 19 million OP tokens from Binance and Coinbase between November to January 2023. The pockets nonetheless has 15.38 million OP tokens value $25 million.

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OP Price To Crash?

OP worth principally buying and selling sideways since final week, with the worth presently buying and selling at $1.62. The 24-hour high and low are $1.61 and $1.67, respectively. Furthermore, the buying and selling quantity has elevated barely within the final 24 hours, indicating an curiosity amongst merchants.

Typically, a rise in token provide out there follows a lower in worth. Token unlocks are a bearish worth indicator and OP worth can seemingly fall this week. While there’s no important upside momentum since this month.

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Varinder has 10 years of expertise within the Fintech sector, with over 5 years devoted to blockchain, crypto, and Web3 developments. Being a know-how fanatic and analytical thinker, he has shared his information of disruptive applied sciences in over 5000+ information, articles, and papers. With CoinGape Media, Varinder believes within the big potential of those revolutionary future applied sciences. He is presently masking all the newest updates and developments within the crypto business.

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