Framework Ventures, a leading crypto venture firm, made an important move in the Synthetix (SNX) market. Framework Ventures is the largest owner and investor in Synthetix. The giant firm invested 6.5 million SNX tokens in Coinbase Prime. This transaction indicates a potential profit-taking decision.
Framework Ventures is offloading SNX to Coinbase Prime!
As you follow from Kriptokoin.com, the cryptocurrency market has entered the profit-taking phase after the recent rally. The leading cryptocurrency Bitcoin slipped below $ 100 thousand with incoming sales. Some whales in a profitable situation are also trying to realise this. The new deposit to Coinbase followed an important decision four months ago when Framework Ventures withdrew 6 million SNX tokens from the exchange. At the time, the withdrawn tokens were worth $7.2 million. This suggests that Framework Ventures likely purchased the tokens during a market downturn. Meanwhile, now the value of the same 6 million tokens has reached $10.9 million. Therefore, the giant VC is moving to realise a 152% profit.
Notably, SNX’s market capitalisation has increased by 129% in the last 30 days. The token was trading at $3.24 at the time of writing. With the recent surge in SNX prices, Framework Ventures is capitalising on accrued gains.
The giant VC’s current assets and broader context
However, Framework Ventures continues to hold a significant investment in Synthetix after its recent move. The firm currently owns 17.9 million SNX worth approximately $54 million. This underlines its strong interaction with the ecosystem. The size of this vested stake shows long-term faith in Synthetix’s protocol and its place in the decentralised finance (DeFi) ecosystem. This comes as the larger cryptocurrency market continues to sort itself out and consolidate in anticipation of growth for the decentralised finance subsector.
Other smart moves made by whales recently
SNX is not the only cryptocurrency facing selling pressure from prominent investors. In a separate analysis, Spot On Chain revealed that a whale recently deposited 356.2 billion PEPE tokens worth $7.3 million on the Kraken exchange, earning an impressive 31x return, or $7.3 million in profit. This whale withdrew 375.65 billion PEPE tokens from Gemini in September 2023 for just $237,000. By February 2024, the whale began selling tokens through decentralised exchanges (DEXs) and Kraken, with the giant whale cashing out $7.54 million in PEPE in the process.
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