Bitcoin News: Wintermute Sells Over 2.6M Optimism Tokens on Binance Ahead of Unlock

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Optimism (OP) tokens are set to unlock on May 31, distributed to early investors and contributors with a total value of around $587 million. In anticipation of the upcoming event, the decentralized finance (DeFi) platform Wintermute has transferred 2.651 million OP tokens to Binance and sold them all for $1.63 per token.

Wintermute’s decision to offload their tokens is likely due to the expected price drop caused by the sudden surge of supply. The 386 million unlocked tokens, accounting for 9% of the total OP token supply, is estimated to increase the token’s circulating supply by over 100%. According to the on-chain analytics platform Spot on Chain, Wintermute acquired 21.31 million OP tokens from Coinbase and Binance at an average price of $1.01, 5.9 million of which have already been sold for a total of $10.6 million.

Optimism raised $150 million in Series B funding, with the Bedrock upgrade coming soon to enhance the platform’s compatibility with Ethereum and reduce transaction fees. With this, Wintermute retains 15.37 million OP tokens worth roughly $23 million.

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