As a testament to the growing appeal of cryptocurrencies, institutional investors are making significant waves in the market. The latest to join the expanding league of institutional players is GSR, a market maker founded by former Goldman Sachs executives. GSR made an important move on November 29 and purchased 6.86 million Polygon (MATIC) worth $ 4.3 million from the famous cryptocurrency exchange Binance. DWF Labs also made various moves. Here are the details…
GSR; Received ETH, WLD, MATIC and HFT
This latest acquisition brings GSR’s cryptocurrency investment portfolio to $29.5 million, according to data from on-chain analysis platform Lookonchain. Besides MATIC, GSR has shown confidence in several major altcoins, including Worldcoin (WLD) at $4 million, Ethereum (ETH) at $2.3 million, and Hashflow (HFT) at $1.2 million. Despite recent market volatility, institutional whales like GSR continue their strategic buying, signaling unwavering optimism about the future of the cryptocurrency space. Consistent investments made in the face of market fluctuations indicate a bullish outlook and confidence in future earning potential.
We noticed that #GSR has withdrawn a total of 6.86M $MATIC($4.3M) from #Binance in the past 2 days.https://t.co/VEHnfpxuh1 pic.twitter.com/T9S1DpZOKp
— Lookonchain (@lookonchain) November 29, 2023
As of CoinGecko’s latest data, MATIC has lost a small 0.5% in the last 24 hours. Currently, MATIC is trading at $0.764, showing resilience amid market dynamics. The cryptocurrency’s performance is closely watched by industry enthusiasts as it remains the focus of GSR’s recent investment activities.
DWF Labs transferred to OLE
In a separate development on November 30, DWF Labs completed a significant $280,000 transaction by transferring 20 million OLE to address 0xCE8…86B9d. The funds originated from a transfer made seven months ago by the OLE project party’s multi-signature address, which resulted in a transfer cost of $0.1679. This move is in line with a broader trend as OLE is up an impressive 41% over the past seven days, reflecting increased interest and positive sentiment in the OLE project.
两分钟前，DWF Labs 向地址 0xCE8…86B9d 转账 2000 万枚 OLE，价值 28 万美金💰https://t.co/xSNauKNgQH
这笔资金来源于七个月前 OLE 项目方多签地址的转账，转入成本为 $0.1679；此外，OLD 过去 7 天涨幅达到 41%，现价 $0.01435 pic.twitter.com/NJZLQDFDIU
— Ai 姨 (@ai_9684xtpa) November 30, 2023
The growing participation of institutional investors such as GSR and notable transactions from organizations such as DWF Labs underscore the evolving landscape of cryptocurrencies. As these developments occur, the market will continue to attract attention and further strengthen its position as a dynamic and attractive investment area for both corporate and individual players.
