The cryptocurrency market witnessed interesting activity on May 6, 2024 as on chain analysts tracked significant deposits and transfers made by whales and corporate players. Investors, and especially corporates, mobilized in VELO coin, Ethereum and various cryptocurrencies

VELO coin move from DWF Labs

DWF Labs, a company actively involved in the crypto space, has deposited 10 million VELO tokens (approximately $205,000) on the Bybit exchange. The move follows the purchase of 75 million VELO from the project last year at a much lower price of $0.003. They had previously invested 45 million VELO in Bybit in 2023, demonstrating potential confidence in the token’s growth. DWF Labs currently has 30 million VELO, indicating a long-term strategy.

Symbolic Capital Partners and other whales are active in the ETH market

Symbolic Capital Partners, the leading venture capital firm founded by the creator of Polygon, appears to be reducing its Ethereum (ETH) holdings. On-chain data from @ai_9684xtpa revealed that the firm transferred 4,205 ETH to Binance in the last 18 hours, representing a value of $13.18 million. This follows a larger transfer of 21,519 ETH worth $66.79 million last week. The reasons behind these sales are unknown, but could be profit-taking or portfolio rebalancing.

Two separate whale activities involving Ethereum were observed. One whale address deposited 7,000 ETH (about $21.97 million) on Binance. Interestingly, this whale last year withdrew a larger amount (12,905 ETH) from Binance at a much lower price and deposited it on the staking platform Lido. The recent return to Binance suggests a potential short-term trading strategy or profit-taking strategy. If this 7,000 ETH is sold, it could yield a significant profit of $8.91 million.

Another whale, known for building a long position in ETH three years ago, deposited 7,018 ETH worth $22.07 million into ether.fi. This whale had previously bought ETH at an average price of $3,059 during the bull market, implying a potential floating profit of $600,000 on the remaining assets. An analyst also spotted the activity of a whale with a leveraged long position in ETH. This whale transferred another 796 ETH worth $2.52 million from Binance, bringing its long-term holdings to 8,714 ETH at an average entry price of $3,149.

MakerDAO team deposited MKR

A multi-signature wallet suspected to belong to MakerDAO, a decentralized finance (DeFi) protocol, deposited another 750 MKR tokens (around $2.19 million) on Binance. This follows a trend observed since March 18, 2024, when the wallet deposited a total of 11,993 MKR (around $31.2 million) on centralized exchanges (CEXs) before potential price drops. The wallet still holds a significant amount of MKR, indicating that they may be strategically managing their reserves.