Crypto Whale Deposits Over $4,000,000 Worth of DYDX to Kraken After 117% Rally in a Month
A crypto whale deposited more than $4 million worth of dYdX (DYDX) to the crypto exchange Kraken on Monday as the asset’s price pumped, according to the blockchain tracker Lookonchain.
DYdX is a decentralized derivatives exchange.
The project’s native token surged by 30% on Monday, the day the whale made the deposit. The whale would have made a profit of $1.5 million if it sold the DYDX, according to Lookonchain.
DYDX is trading at $4.11 at time of writing. The 72nd-ranked crypto asset by market cap is up by more than 9% in the past 24 hours, more than 59% in the past week and more than 117% in the past month.
Venture capitalist Arthur Cheong is bullish on the whole decentralized derivatives sector. The founder and CEO of DeFiance Capital thinks decentralized derivatives trading could easily grow by 5-10x.
“We are most bullish on decentralized derivatives. When you look at all the numbers, it points at the derivatives trading sector as the biggest market in crypto. I think the annual revenue generated by derivatives trading in the space is probably $10 to $15 billion in current market conditions.
If we go back to the bull market, I think we’re looking at $20 to $30 billion, just from derivatives trading alone. So right now, the decentralized derivatives platforms only can do 2 to 5% of the market share.
I think this is poised to grow significantly over the next few years. I think we should at least get to 20% in the next two years.”
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
