Data: An address purchased 3.4 million SNXs from the Synthetix treasury within two days
On March 15th, according to Twitter user ember monitoring, a giant whale (institution) address purchased 3.4 million SNXs (approximately $10 million) from the Synthetix treasury using 10 million USDCs via AirSwap’s OTC yesterday and this afternoon, with an average purchase price of $2.93. The USDC used by the whale (institution) to purchase SNX originated from Binance and Kucoin.
Interpretation of this information:
On March 15th, there was a significant purchase of Synthetix Network Tokens (SNX) from the Synthetix treasury by a large institution, as reported by a Twitter user known as ember monitoring. The whale (institution) address in question purchased a total of 3.4 million SNX, which amounts to approximately $10 million, through AirSwap’s OTC. The purchase was made in two separate transactions, one in the morning and one in the afternoon.
The average purchase price for the tokens was $2.93. This means that the institution was able to acquire a large number of SNX tokens at a price that was lower than the current market value. This could indicate that the institution believes that the price of SNX will increase in the near future, and is taking advantage of the current lower prices to make a strategic investment.
Interestingly, the USDC used to purchase the SNX tokens originated from two major crypto exchanges, Binance and Kucoin. This could suggest that the institution has a large amount of funds on both of these exchanges and decided to move some of those funds to AirSwap in order to make the purchase of SNX. This also indicates that the institution is actively involved in trading and investing in various cryptocurrencies.
Overall, this purchase by the institution may have a significant impact on the price and value of SNX going forward. If the institution is correct in their prediction that SNX will increase in value, this could lead to a greater interest in the token from other investors and traders. It will be interesting to see how the market responds to this purchase and whether other institutions follow suit.
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