The transactions leading to this loss unfolded over several key dates:
In contrast to LayerX Capital’s losses, two cryptocurrency whales managed to turn a slight profit by depositing MATIC back to Binance. These whales had previously acquired the tokens at $0.904 and sold them at $0.910 over the last two days.
Another savvy investor deposited 3.64 million MATIC to Coinbase (NASDAQ:COIN) and stands to gain a potential profit of $521k if they sell at the current rate. This profit calculation assumes a sale following their acquisition of the tokens at an average price of $0.743.
Additionally, Hermez Network has been actively managing its MATIC holdings by extracting a substantial amount from Polygon’s staking contract. This move follows their previous strategy of unstaking and selling MATIC in smaller quantities throughout November.
LayerX Capital’s realized losses highlight the volatile nature of cryptocurrency markets and the risks inherent in digital asset management. Meanwhile, the contrasting outcomes for other investors underscore the diverse strategies and fortunes experienced by participants in the crypto space.
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Source: Cryptocurrency - investing.com
