An early Lido investor deposited 4.3 million LDO tokens to Kraken after holding them for roughly five years. The transfer from a long-dormant wallet signals potential selling intent, increasing the circulating supply available for trading.
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Lido early investor deposits 4.3M LDO to Kraken after 5-year dormancy
An early Lido investor deposited 4.3 million LDO tokens to Kraken on Friday after holding the tokens for roughly five years since the project's early stages.
The transfer from a wallet that had been dormant since Lido's early days was flagged by blockchain monitoring services, according to Etherscan data. Large deposits to centralized exchanges from long-dormant addresses are closely watched as potential precursors to selling.
The 4.3 million LDO tokens were moved to Kraken on July 17, representing a position that had remained untouched for approximately five years. The deposit follows a pattern seen across crypto markets this year, where long-term holders have begun redistributing tokens. In a separate incident this week, a Bitcoin wallet dormant since 2017 transferred 5,907.56 BTC worth about $383.6 million, according to Galaxy Research.
The LDO deposit increases the potential circulating supply available on exchanges, which could weigh on the token's price if the holder proceeds to sell. Lido is the largest liquid staking protocol on Ethereum, with billions of dollars in total value locked across multiple chains.
This article is for informational purposes only and does not constitute investment advice.
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