Dragonfly Capital Liquidates $25 Million Worth of AEVO Tokens, Marking a Loss of $36.84 Million

Dragonfly Capital recently made significant moves in the market, with two of its addresses depositing 62.62 million AEVO tokens (equivalent to $25.04 million USD) into FalconX.

Dragonfly Capital made two large transactions on Friday, depositing 62.62 million AEVO tokens ($25.04 million) into FalconX.

The transactions appear to clear out all of Dragonfly’s AEVO positions, which were opened in May and are now showing an unrealized loss of $36.84 million.

Between May 13 and May 15, Dragonfly withdrew 63.23 million RBN tokens from Coinbase, purchasing them at an average price of $0.9882 per token. They then swapped the RBN tokens one-to-one for AEVO.

However, the market downturn hit hard — AEVO’s price has now dropped to $0.3999, marking a nearly 59% decline from Dragonfly’s entry point.

Dragonfly Capital’s two addresses have just deposited 62.62 million AEVO tokens ($25.04 million) into FalconX,疑似清仓五月以来的所有仓位.

Dragonfly’s addresses withdrew 63.23 million RBN tokens from Coinbase and swapped them for AEVO. They purchased RBN at an average price of $0.9882 per token between May 13 and May 15.

AEVO is now trading at $0.3999, down nearly 59% from Dragonfly’s entry point. pic.twitter.com/EzH0AA24PQ

— Ai 姨 (@ai_9684xtpa) September 24, 2024

The transactions highlight the risks involved in trading and holding assets in a volatile market.

What was once a significant investment of approximately $61 million is now dwindling to $25 million, leaving Dragonfly Capital with a massive unrealized loss.

The sharp drop in AEVO’s value, paired with the liquidation of all positions, signals a strategic retreat from this asset amid unfavorable market conditions.

Dragonfly’s actions also open up speculation about how they will approach future investments following this major liquidation.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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