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Crypto market maker Wintermute Trading on Monday dumped Optimism (OP) tokens worth millions. The move comes as 9% Optimism tokens worth millions of dollars are about to unlock on May 31.
Wintermute has been associated with Optimism for providing the supply of tokens and maintaining liquidity in the market. OP price marginally trading lower amid selling by the firm.
Wintermute Trading Selling Optimism Tokens
Wintermute started selling Optimism tokens on Sunday by selling 1000 Optimism (OP) tokens. However, the market maker dumped 2.65 million OP tokens worth nearly $5 million in the past 24 hours.
The company dumped 2 million OP tokens in a single transaction to Binance, confirming its intention to dump Optimism tokens ahead of the unlocking event on May 31.
According to token.unlocks, 9% of the total Optimism (OP) tokens supply is unlocking on May 31. This represents 386 million OP tokens worth over $626 million, which will unlock. Among the 9% supply, 4.75% belongs to core contributors and 4.25% belongs to investors.
Wintermute received over 19 million OP tokens from Binance and Coinbase between November to January 2023. The wallet still has 15.38 million OP tokens worth $25 million.
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OP Price To Crash?
OP price mostly trading sideways since last week, with the price currently trading at $1.62. The 24-hour low and high are $1.61 and $1.67, respectively. Furthermore, the trading volume has increased slightly in the last 24 hours, indicating an interest among traders.
Typically, an increase in token supply in the market follows a decrease in price. Token unlocks are a bearish price indicator and OP price can likely fall this week. While there’s no significant upside momentum since this month.
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