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In the latest development surrounding the liquidation of Three Arrows Capital (3AC), Teneo, the appointed liquidator, has made significant moves with their STRK holdings.
Over the past 24 hours, Teneo deposited another 1.035 million STRK tokens to Binance, valued at approximately $1.25 million at a price of $1.202 per token.
This follows a series of transactions over the past three days where Teneo has cumulatively deposited 2.18 million STRK to Binance, averaging $1.204 per token, amounting to $2.63 million.
Currently, Teneo holds 129.93 million STRK tokens, valued at $157 million, making it the second-largest non-team or exchange STRK-holding wallet. This strategic unloading of assets is part of the broader liquidation process to manage and redistribute 3AC’s assets.
Teneo, #3AC liquidator, deposited 2.18M $STRK ($2.63M) to #Binance in the past three days!
Currently, @Teneo still holds 130M $STRK ($157M) of 3AC’s assets in custody, making it the second-largest non-team/CEX STRK-holding wallet.
The STRK price dropped 6% (24H) after Vitalik… pic.twitter.com/hea39ENn4p
— Spot On Chain (@spotonchain) May 25, 2024
STRK Token Price Action To Monitor
Interestingly, the price of STRK experienced a 6% drop following Vitalik Buterin’s recent claim of 845,000 STRK, worth $1.07 million. However, the market responded positively today with STRK’s price pumping 6%, reaching up to $1.27.
The ongoing asset management and strategic sales by Teneo reflect the complexity and challenges involved in liquidating substantial crypto holdings. The fluctuating market responses highlight the delicate balance of maintaining value while offloading large amounts of tokens.
As the liquidation process continues, the actions of major stakeholders like Teneo and influential figures such as Vitalik Buterin will be closely watched by the market. The liquidation of 3AC’s assets remains a pivotal event in the crypto space, impacting market dynamics and investor sentiment.
The market will continue to monitor how these significant transactions influence STRK’s price and overall market stability. As Teneo progresses with the liquidation, the implications for STRK and the broader crypto market will be significant.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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