The post Framework Ventures Cashes Out $19.6M SNX at 152% Profit appeared on BitcoinEthereumNews.com.

Framework Ventures deposits 6.5M SNX tokens, valued at $19.6M, into Coinbase Prime. The firm capitalizes on a 152% profit after purchasing tokens at a lower price four months ago. SNX has surged 136% in the last 30 days, driving Framework Ventures to lock in gains. Framework Ventures, a prominent thesis-driven crypto venture firm, has made a significant move in the Synthetix (SNX) market. Known as the largest holder and investor in Synthetix, the firm deposited 6.5 million SNX tokens (valued at $19.6 million) into Coinbase Prime. This transaction signals a potential profit-taking decision. Framework Ventures Locks in 152% Profit For context, the new deposit to Coinbase follows a key decision made four months ago when Framework Ventures withdrew 6 million SNX tokens from the exchange. At the time, the withdrawn tokens were worth $7.2 million. This suggests that Framework Ventures likely purchased the tokens during a market dip and is now capitalizing on a 152% profit, as the value of those same 6 million tokens has appreciated by $10.9 million. Notably, the market value of SNX has surged by 136% in the past 30 days, with the token now trading at $3.04. With the recent rise in SNX prices, Framework Ventures is taking advantage of the accrued gains. Currently, Framework Ventures still holds 17.9 million SNX tokens, valued at $54 million, all of which are vested. This means they are likely subject to a lock-up period or restrictions on when they can be sold. Other Savvy Moves by Whales in Recent Times SNX is not the only cryptocurrency facing selling pressure from prominent investors. In a separate analysis, Spot On Chain revealed that a whale recently deposited 356.2 billion PEPE tokens, worth $7.3 million, to the Kraken exchange, securing an impressive 31x return, or a $7.3 million profit. This follows…

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Filed under: News - @ December 5, 2024 5:27 pm