Wintermute Sells OP Tokens Ahead of Optimism’s Token Unlock

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The next token unlock of Opti­mism (OP) is sched­uled on Wednes­day, but, report­ed­ly, the mar­ket mak­er Win­ter­mute has already dumped over 27% of its stash.

In most cas­es, token unlocks turn out to be a bear­ish event. This is because a large num­ber of locked tokens enter the cir­cu­lat­ing sup­ply. Hence, Win­ter­mute has start­ed book­ing prof­its ahead of OP’s token unlock.

Wintermute Dumped Over $10M Worth of OP Tokens

Accord­ing to on-chain ana­lyst Spot On Chain, Win­ter­mute booked $4.67 mil­lion in prof­its from its OP token hold­ings. The decen­tral­ized finance (DeFi) mar­ket mak­er made a return on invest­ment of 78.39% by sell­ing 5.9 mil­lion tokens.

Spot On Chain says that Win­ter­mute was one of the Series B investors in Opti­mism. And it accu­mu­lat­ed 21.31 mil­lion OP tokens for $21.49 mil­lion from Binance and Coin­base at an aver­age buy­ing price of $1.01. 

Last­ly, after dump­ing over 27% of its hold­ings, the DeFi plat­form still owns 15.3 mil­lion OP tokens worth $23.23 million.

Wintermute's purchase and sell flow for OP tokens
Source: Twit­ter

Upcoming Unlock

BeIn­Cryp­to report­ed the token unlock for Opti­mism is sched­uled for May 31st. Accord­ing to Toke­nUn­locks, 9% of the total sup­ply worth $587 mil­lion will be released in circulation.

Lat­er on, the project will fol­low a lin­ear vest­ing sched­ule until May 2027. 

Optimism vesting schedule
Source: Toke­nUn­locks

Due to unlocks, some com­mu­ni­ty mem­bers are “expect­ing a huge price dump.” As of writ­ing, the OP token is trad­ing at $1.52, down by about 6.26% in the past 24 hours. It has a mar­ket cap­i­tal­iza­tion of $509.6 mil­lion and ranks 90th.

Optimism (OP) token price
Source: BeIn­Cryp­to

Got some­thing to say about Opti­mism token unlocks or any­thing else? Write to us or join the dis­cus­sion on our Telegram chan­nel. You can also catch us on Tik­Tok, Face­book, or Twit­ter.

For BeInCrypto’s lat­est Bit­coin (BTC) analy­sis, click here.

Disclaimer

In adher­ence to the Trust Project guide­lines, BeIn­Cryp­to is com­mit­ted to unbi­ased, trans­par­ent report­ing. This news arti­cle aims to pro­vide accu­rate, time­ly infor­ma­tion. How­ev­er, read­ers are advised to ver­i­fy facts inde­pen­dent­ly and con­sult with a pro­fes­sion­al before mak­ing any deci­sions based on this content.



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