Categories: MarketsMenafn

Bybit Gets 7.41% of NEIRO’s Circulating Supply from GSR Markets

Crypto trading firm and liquidity provider GSR Markets has deposited a significant portion of NeiroOnEthereum’s (NEIRO) total supply back into the Bybit crypto exchange after previously withdrawing them.

According to a post on X by market analytics platform, Spotonchain, GSR Markets transferred approximately 74.13 million $NEIRO tokens, which account for 7.41% of the token’s total supply, back to the exchange.

At the time of this writing, there’s no clear reason why GSR Markets is unloading this token back to the crypto exchange platform.

Background of the Withdrawals

Notably, GSR Markets removed 74.13 million NEIRO tokens from Bybit at an estimated average price of $0.084 between Oct. 8 and 21. This withdrawal resulted in a cost of about $6.2 million.

At first, these withdrawals raised the possibility of a plan to promote NEIRO outside the exchange’s influence for broader adoption. However, the decision to re-deposit a comparable sum into Bybit suggests that the trading firm may have changed its approach to promoting the digital asset.

However, the re-deposit could also be a plan to improve trading liquidity rather than start a sale, as is often the case when such huge deposits are made on an exchange.

A Focus on Liquidity

Based on the purchase amount, GSR Markets would suffer a large loss if it were to sell the deposited tokens at the current price of $0.075. The estimated selling price is $5.53 million, which represents a loss of $669,000, or 10.8%, within 18 days.

Given that more liquidity typically results in a more stable price and more seamless trading experiences for investors, GSR Markets’ strategy could be beneficial to Bybit’s trading ecosystem.

Hence, the digital asset holders could anticipate the token’s price rally as a result of this event. Recall that NEIRO’s price surged by almost 1,000% last month, with some traders profiting millions of dollars from it.

NEIRO currently trades at $0.0647 per current Coingecko data.

NEIRO 24-hour Price Chart. | Source: Coingecko

 

 

Jerry Rolon

After working for 7 years as a Internet Marketer, Jerry now aims to explore the journalistic side of Internet. With his impeccable knowledge in this domain, he churns out some of the best news articles from the internet niche. With respect to acedamics, Jerry earned a degree in business from California State University.

Recent Posts

Earning $6,000 Daily: How PAXMINING Cloud Mining Is Redefining Bitcoin Investment

London, UK, 26th August 2025, ZEX PR WIRE, A revolution is quietly underway in the…

57 minutes ago

Daily $3,000 Income Attracts Investors to APT Miner After XRP and ETH Soar

Los Angeles, California, August 25, 2025, ZEX PR WIRE- As XRP and ETH prices continue…

16 hours ago

$8500 per day? That’s how much XRP holders can earn through blockchain cloud mining!

Start your journey to wealth with one click. London, England, 25th August 2025, ZEX PR…

16 hours ago

Sunny Mining Unveils Weekend Incentive Contracts for Short-Term Crypto Profits

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, As digital assets gain increasing attention,…

4 days ago

Price pullbacks are no longer the end: APT miners help XRP investors lock in daily gains

Los Angeles, California, 22nd August 2025, ZEX PR WIRE, After XRP once again fell below…

4 days ago

Irys Raises $10M Series A to Unlock $3 Trillion Data Economy With First Programmable Datachain

CoinFund-Led Round Accelerates Institutional Adoption of Infrastructure For Datachains London, UK, Aug 22, 2025, ZEX…

4 days ago