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

Ripple’s RLUSD Stablecoin Sees Muted Launch, $3 Million in Daily Trading Volume

Ripple’s highly-anticipated stablecoin RLUSD has seen a relatively muted launch, with trading volumes in the…

2 days ago

Bitcoin ETFs Face Record Outflows Amid Market Decline

Bitcoin exchange-traded funds (ETFs) experienced a substantial sell-off on December 19, recording net outflows of…

2 days ago

Paytora Simplifies Your Finances: Instant Crypto Conversion with an All-in-One Platform

Vancouver, Canada, 20th December 2024, ZEX PR WIRE, Paytora, an all-in-one digital banking platform that…

3 days ago

Crypto Liquidations Exceed $1B Following Controversial Fed Statements

The Federal Reserve announced a 25 basis point interest rate cut, reducing the federal funds…

3 days ago

Numogram ($GNON) Selected for Ryze Labs AI Combinator Program, Launches Revolutionary Agent Platform

New York, USA, 20th December 2024, ZEX PR WIRE, Numogram ($GNON), a Solana-based project, announces…

3 days ago

AngelVerse Announces Presale and Upcoming Utility-Driven Gym-Based NFTs

Dubai, UAE, 20th December 2024, ZEX PR WIRE, AngelVerse is set to go live with…

3 days ago