TechFlow, July 9 - According to on-chain analyst Ember (@EmberCN), venture capital firm a16z crypto (@a16zcrypto) transferred the remaining 400,000 COMP tokens (worth approximately $16.48 million) from its address to Coinbase Prime about three hours ago, completely liquidating its COMP holdings.
Last month, they moved 400,000 COMP tokens into Coinbase Prime, and today another 400,000. Within 10 days, they've transferred a total of 800,000 COMP tokens—valued at up to $34.81 million—to Coinbase Prime.
Ten days ago, when they first transferred 400,000 COMP tokens, the COMP price was still at $46; now it has dropped to $41—a decline of 11%. The latest transfer of another 400,000 tokens may cause further downward pressure on COMP's price.
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