GSR Markets Reduces ONDO Holdings, Transfers 3.5 Million Tokens to Bybit

After the recent listing of ONDO on Upbit, GSR Markets has been observed reducing its holdings, transferring 3.5 million ONDO tokens, worth approximately $4.27 million, to Bybit over the past day.

GSR Markets, a leading digital asset market maker, has been observed reducing its holdings of Ondo (ONDO) tokens. According to data from on-chain analytics firm TokenInsight, GSR transferred 3.5 million ONDO tokens, valued at approximately $4.27 million at current prices, to Bybit over the past day.

This move marks a significant shift in GSR's strategy, as the firm had been steadily accumulating ONDO tokens since February. As of last week, GSR's holdings of the token had reached 9 million, with an average acquisition cost of $0.5718 per token. Given the current on-chain recharge price of $1.22, if GSR were to sell its entire position, it would stand to make a profit of $2.26 million. Following the recent transfer, GSR still holds 3.5 million ONDO tokens.

The development comes amid growing interest in the tokenization of real-world assets (RWAs) and increasing demand for Ondo Finance's high-quality yieldcoins, according to the Web3 company.

News source：https://www.kdj.com/cryptocurrencies-news/articles/gsr-markets-reduces-ondo-holdings-transfers-tokens-bybit.html

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