Nansen data shows seasoned traders are accumulating dYdX, according to The Block.
Nansen said the data he collected shows that “Smart Money” wallets (financial institutions and professional investors) are increasing their dYdX holdings.
Nansen noted that these wallets are likely owned by investors such as professional DEX traders, liquidity providers, and venture funds.
According to the data, more than 80 wallets hold more than 47 million dYdX tokens, while wallets have increased their dYdX holdings by 30% since the beginning of 2023.
Speaking to The Block, Nansen analyst Martin Lee said:
“While the number of wallets holding dYdX tokens has remained stable since June 23, these wallets and the dYdX tokens they hold continue to increase steadily.
In addition, these wallets reached an all-time high with 47.8 million tokens.
In the last 30 days, we see that dYdX net outflows from exchanges have also increased. This potentially indicates an increase in dYdX assets held by investors.”
dYdX, which has increased by 3% in the last 24 hours, continues to trade at $ 2.15 at the time of writing.
*Not investment advice.
