Lookonchain, a cryptocurrency platform, has previously warned investors of potential price fluctuations, noting that some altcoins held by major market maker DWF Labs are being sent to exchanges. Following Lookonchain’s announcement, DWF Labs President Andrei Grachev made a statement regarding altcoin transfers.
Head of DWF Labs, which transfers altcoins, made a statement
cryptocoin.com As we have reported, DWF Labs transferred many altcoins to exchanges yesterday. However, the head of the company, Grachev, clarified that altcoin transfers are not for sale, but rather for surveillance by centralized exchanges (CEX) amid regulatory pressure. Grachev also added that it would be foolish to sell anything in the current market conditions. He stressed that they are preparing for a bullish rally. Grachev said the following:
We place some of our portfolio under CEX custody. Not to sell, not to seek liquidity. It would be foolish to sell anything at current market levels. We are ready to rise and prepare for a bull run sooner or later.
Andrei Grachev (@ag_dwf, the head of @DWFLabs) tweeted that these altcoins were transferred to CEX for custody.
And they are bullish and preparing for a bull run 🚀!https://t.co/r1ORp7FTjP pic.twitter.com/sEdkPOrOcQ
— Lookonchain (@lookonchain) June 12, 2023
Quoting Grachev’s statement, Lookonchain tweeted, “DWF Labs President Andrei Grachev tweeted that these altcoin transfers have been sent to CEX for custody. They’re gearing up for a bullish run and getting ready for a bull run,” said Lookonchain and DWF Labs’ move to transfer altcoins to centralized exchanges for greater oversight comes amid growing regulatory scrutiny in the cryptocurrency industry.
DWF Labs’ strategy revealed
The decision not to sell any assets at this time reflects a strategic approach as DWF Labs and Lookonchain expect a bullish market trend in the near future. By positioning themselves for a potential bull run, they aim to capitalize on the expected price increase and maximize returns for their investors. The cryptocurrency market has experienced significant volatility recently, with several factors influencing price movements. In light of this, market participants are adopting different strategies to navigate the uncertain market. Lookonchain and DWF Labs’ move to increase surveillance through CEX transfers demonstrates their proactive approach to staying compliant and preparing for favorable market conditions.
As the industry continues to evolve and adapt to regulatory changes, such initiatives are expected to become more common. The involvement of major market players such as Lookonchain and DWF Labs underlines the importance of regulatory compliance and building investor confidence in the cryptocurrency space. Traders will watch the market closely for any signs of an impending bull run that could potentially lead to significant gains. However, because the cryptocurrency market is extremely unpredictable, it is essential to be cautious and do thorough research before making any investment decision.
In summary, Lookonchain and DWF Labs have taken proactive steps by transferring altcoins to centralized exchanges for greater oversight, emphasizing their commitment to regulatory compliance. Their strategic approach to preparing for a potential bull run reflects their confidence in future market conditions. As the cryptocurrency industry continues to evolve, initiatives like these play a crucial role in establishing confidence and stability in the market.
