TechFlow, April 14 — According to on-chain analyst Spot On Chain (@spotonchain), a group of OM token whale addresses transferred approximately 14.27 million OM tokens to the OKX exchange at an average price of $6.375 per token three days before the price plummeted.
These addresses had previously purchased 84.15 million OM tokens from Binance exchange at an average price of $6.711 in late March, paying approximately $564.7 million in total. Currently, the remaining 69.08 million OM tokens held by these addresses have a market value of about $62.2 million.
Spot On Chain noted that they might have hedged this position elsewhere, which could be one of the reasons behind the recent sharp decline.
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