Wintermute Moves $BLUR Tokens, Signal Dump Amid Price Surge?

South Korean exchange Upbit latest blog announced the addition of a new digital asset $BLUR to its platform. Simultaneously, the behavior of  token $BLUR in crypto market has drawn attention, with significant price movements and deposits observed.

Upbit Annoucement on BLUR Listing

Upbit shared that starting from June 27, 2023, i.e. today, users can engage in trading activities involving BLUR, a digital asset available in the KRW market. The listing annoucement was followed by the sudden surge in the price of $BLUR, by approximately 27% and trading volume surged by over 1000%.

Blog also mentions that BLUR supports deposits exclusively on the Ethereum network and does not extend support to deposits made through other networks such as Binance Smart Chain (BSC).

Read Latest Updates on BLUR On CoinGape..

There is a potential bullish sentiment surrounding $BLUR not just be price hike upon listing but also subsequent transactions made by Wintermute Trading.

Wintermute Deposits Amid Price Surge

Another intriguing aspect of the recent market activity surrounding $BLUR involves Wintermute Trading, a prominent Defi market maker, facing allegations of price manipulation and wash trading. After receiving a substantial amount of $BLUR, totaling 10 million tokens (equivalent to $4.2 million), from the Coinbase Custody Wallet, they proceeded to deposit the tokens to the crypto exchange Kraken.

Also Read: Wintermute And Celsius In Wash Trading Allegations…

In addition to this deposit, they made another significant move by depositing 2.1 million $BLUR tokens (equivalent to $895,000) to Coinbase. This additional deposit occurred following the significant price surge of $BLUR.

These actions by Wintermute Trading, coupled with their previous withdrawals from sources like Coinbase, Bitfinex, and Gate.io, have raised speculations regarding their intentions with the $BLUR deal. Market observers are now questioning whether Wintermute plans to exit their $BLUR holdings at this juncture, further adding to the intrigue surrounding the situation.

The market capitalization currently stands at $310,419,247, a growth of 23.83%.