- FTX/Almeda recently moved UNI and LDO worth millions of dollars to two exchanges.
- UNI and LDO both experienced price declines, but had a short respite.
FTX has been shaking up the market lately by selling some of its holdings. According to a recent report, Uniswap was among the assets sold by the defunct exchange [UNI] and Lido [LDO]. Has this recent shift had any impact on the trajectory of these assets?
Read Uniswap (UNI) price forecast 2023-24
FTX moves Uniswap and Lido to exchanges
On October 27, FTX/Alameda took another remarkable step. By message from Look at chainit transferred part of its Uniswap and Lido holdings to Coinbase and Binance.
According to data maintained on Etherscan, the exchange has shifted 488,250 UNI tokens, worth approximately $2 million. Additionally, it moved 1,097,482 LDO tokens, which were also estimated to be worth almost $2 million.
This step by the controversial crypto exchange followed court approval on September 13. During a hearing, Judge John Dorsey approved a motion that allowed the financially distressed exchange to liquidate, cease and hedge its cryptocurrency assets.
Assets were estimated at more than $3.4 billion. This recent transfer notably supplemented an earlier report. The report indicated that the defunct exchange had also transferred other cryptocurrency assets to the Binance exchange.
How Uniswap has fared despite the impending sales of the FTX
Examining the daily timeframe chart revealed a recent downward trend in Uniswap’s value over the past few days. It’s possible that FTX asset sales played a role in this decline, with UNI losing more than 2% on October 27.
However, it is worth noting that the Uniswap Foundation’s decision to initiate a sell-off may have also played a role.
Source: TradingView
At the time of writing, UNI appeared to be making a modest recovery from the recent downturn. It traded at a price that was up just over 1%, reaching around $4.
However, this recent rebound was not enough to turn UNI into a bullish trend as suggested by the Relative Strength Index (RSI).
Lido’s trend in light of the recent move
The daily timeframe chart for Lido indicated a notable upward trajectory in contrast to UNI. However, a small decline of 1.12% was observed on October 26. This was followed by a more significant drop of almost 2% on October 27.
This substantial decline, which occurred after a series of positive trends, notably coincided with FTX’s asset movement. This suggested a possible negative impact on Lido’s performance.
Source: TradingView
How much are 1,10,100 LDOs worth today?
Since this update, LDO, like UNI, has also shown some relief from the previous price drop. The chart indicated a modest gain of less than 1%, with the LDO trading at around $1.8.
However, unlike UNI, LDO was still firmly entrenched in a very strong bullish trend according to the Relative Strength Index (RSI).