One newly-created wallet withdrew $7.7 million of SNX and $3.9 million of LPT to prompt the tokens to surge.
Token outflows typically suggest a pattern of buying, as traders prefer to retain full control of their assets in order to vote in governance or secure a yield.
Aside from withdrawing SNX, the wallet in question also withdrew $3.9 million worth of livepeer tokens , prompting anThe rise of the two assets comes during a wider lull in the cryptocurrency market. Bitcoin and ether continue to trade at range lows of $26,000 and $1,300 respectively following a week that sawLiquidity across altcoin trading pairs often retract during these downturns, creating an environment that is prone to volatility.
In this case, LPT token has 2% market depth on Binance of just $70,000 to the upside and $270,000 to the downside. This means that a trade can move the price of the asset by 2% by buying or selling those amounts. Conversely, savvy traders could also trap this recent buyer into their position with the knowledge that the assets were purchased in low-liquidity conditions with significant slippage, thus pressure would be applied even with the slightest move to the downside.
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