Centralized Exchange CRV Balances Hit Record High Amid Liquidation Concerns

IconCryptoNewsTerminal Staff13 Jun, 2024

cryptonews.jpg

Centralized Exchange CRV Balances Hit Record High Amid Liquidation Concerns

Centralized Exchange CRV Balances Reach All-Time High Amid Liquidation Concerns According to CryptoQuant CEO Ki-Young Ju, the Curve (CRV) token balance on centralized exchanges has surged by 57% in the past two hours, marking a new all-time high. This significant increase has raised concerns about potential liquidations. Earlier, crypto on-chain analyst EmberCN noted that Curve founder Michael Egorov's borrowed positions are facing liquidation. Arkham Intelligence has also warned that Egorov borrowed approximately $95.7 million worth of stablecoins (primarily crvUSD) against $141 million worth of CRV across five protocols. If CRV's value continues to decline, further liquidations may occur. These developments have heightened attention to the potential impact on the CRV token and the broader DeFi ecosystem. Traders and investors are closely monitoring the situation as the price of CRV remains under pressure.

Related News