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Wintermute Trading Sells Millions of Optimism Tokens Ahead of Unlocking Event, Likely to Decrease OP Price

Crypto market maker Wintermute Trading has sold millions of Optimism (OP) tokens ahead of the unlocking event on June 1, dumping 2.65 million OP tokens worth nearly $5 million in the past 24 hours. With 9% of the total OP token supply set to unlock on June 1, this move could lead to a decrease in OP price, as an increase in token supply typically follows a decrease in price. Wintermute received over 19 million OP tokens from Binance and Coinbase between November to January 2023 and still holds 15.38 million OP tokens worth $25 million. Check out our updated list of the top crypto marketing firms and agencies for 2023, as well as our list of the top 10 Web3 games to explore in the same year.

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