Cryptocurrency market maker company DWF Labs transferred altcoins to Binance.
The transfer came shortly after company founder Andrei Grachev hinted at a potential market move on his Twitter account.
Grachev published a tweet on Sunday, September 10, 2023, saying that the two tokens have a large negative funding rate in the derivatives market. When the data is examined, it is seen that it refers to Perpetual Protocol (PERP) and Tellor (TRB) altcoins.
According to blockchain data, DWF Labs deposited 100,000 PERP ($73.1k) at $0.73 per token 30 minutes after Grachev's tweet. This amount of PERP was withdrawn from Binance at $1.04 per token two days ago, which means a 29.8% loss for the company.
2 tokens right now have huge negative funding rates on derives. Let's see… =)
DYOR|NFA— Andrei Grachev (@ag_dwf) September 10, 2023
Another whale address also made a large PERP sale on Binance during the same period. Address had purchased 6.8 million PERP (7.06 million USD) at an average price of 1.04 USD using 4509 WETH over two days. The entire PERP was sold for 5.02 million USDT 20 minutes after DWF Labs' transfer, resulting in a loss of 2.04 million USD (-29%).
*This is not investment advice.
