Crypto Investment Fund Arca Deposits $4.28 Million Worth of YGG to Binance

IconCryptoNewsTerminal Staff08 Jul, 2024

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Crypto Investment Fund Arca Deposits $4.28 Million Worth of YGG to Binance

On-chain analyst AmberCN tweeted that crypto investment fund Arca's supposed address deposited $4.28 million worth of YGG to Binance six hours ago. This amount was bought on Binance at an average price of $1.06 from March to April, resulting in a potential loss of $5.41 million (-56%) if sold today. According to CoinMarketCap, YGG is currently trading at $0.446, up 4.38%. YGG is the native token of Yield Guild Games, a play-to-earn gaming platform. The token has been on a downward trend since reaching an all-time high of $12.48 in November 2021. It is unclear why Arca would be selling YGG at a loss, but it is worth noting that the fund has been reducing its exposure to cryptocurrencies in recent months. In May, Arca sold $100 million worth of Bitcoin and Ethereum. The sale of YGG by Arca is a sign that some investors are losing confidence in the cryptocurrency market. However, it is important to remember that the market is cyclical, and there have been many times in the past when cryptocurrencies have rebounded from downturns.

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