Binance Labs sold large volumes of GMT and AXS
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Johny Smith
2024/12/16
3 mins read
Representatives of Binance Labs continue to actively withdraw funds to the exchange of the same name. Two days ago, 30 million GMT tokens with a total value of $7.29 million were transferred to the Binance platform. Now it has become known that another 400 thousand AXS ($3.72 million) were sent to the trading platform.
These transactions have caused concern among market participants. Binance Labs is considered one of the largest investors in the GMT and Axie Infinity (AXS) projects. According to the data, the laboratory received 75 million GMT and 11.8 million AXS as part of investment agreements with startup developers at the launch stage. However, almost all of these tokens were sold on the exchange.
It is reported that over the past 4 years, Binance Labs has withdrawn 10.8 million AXS to Binance at an average price of $10.13 per token. The total value of these transactions exceeded $109 million. The remaining 1 million AXS ($9.43 million) is still under the company’s control. GMT was also completely sold out. It is stated that 75 million tokens were sold on the trading platform at an average price of $0.214, which brought in more than $16 million.
The withdrawal of large volumes of tokens may indicate partial profit-taking by investors or preparation for further sales. Amid these developments, market participants fear that supply pressure could impact current AXS and GMT prices.
Experts note that the actions of large investors such as Binance Labs often have a short-term impact on market dynamics. However, according to experts, it is also important to consider that such transactions can also be part of strategic planning, and not solely an attempt to get rid of assets.
Investors should be careful and take any changes into account in their decisions. In this case, high activity from Binance Labs may signal the need to reconsider long-term expectations for AXS and GMT tokens.
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