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Blockchain Capital Sold Off LDO, RPL Before Shanghai Upgrade

source-logo  coinedition.com 13 April 2023 08:12, UTC

Blockchain Capital, a leading venture firm in the blockchain industry, sold significant amounts of liquid staking derivatives (LSDs) yesterday. The transactions were reported in Lookonchain’s countdown to the Ethereum Shanghai Upgrade.

Lookonchain mentioned that Blockchain Capital sold 1.5 million LDO worth $2.52 million and 65,352 RPL worth $2.9 million.

1/ 17-hour countdown until #Ethereum #Shanghai!

Blockchain Capital sold #LSD tokens today:
1.5M $LDO($2.52M)
65,352 $RPL($2.9M)

And currently holds no $LDO and 107,085 $RPL($4.52M). pic.twitter.com/hg17d0VJEG

— Lookonchain (@lookonchain) April 12, 2023

According to Lookonchain, Blockchain Capital no longer holds any LDO but holds only 107,085 RPL valued at $4.52 million after selling those tokens.

Lookonchain reported that Blockchain Capital bought 1.5 million LDO with 1,000 ETH between January 27 and February 21, 2022. Then, the value of the ETH used in the transaction was $2.52 million, and the average price of the LDO tokens bought was $1.64. Blockchain Capital sold all the LDO it acquired during this period today at $2.33, earning 1,871 ETH in the transaction, with a value of $3.57 million, reflecting a profit of $1.05 million.

Similarly, Lookonchain noted that on April 15, 2022, Blockchain Capital bought 59,236 RPL using 2 million USDC at $34 per RPL. Before this transaction, the venture firm bought 61,539 RPL using 600 ETH, valued at $2.15 million. It executed the transaction on October 8, 2021, when the price of RPL was $35.

From its total holdings, Blockchain Capital sold 65,352 RPL at $44 per token and earned 1,522 ETH valued at $2.9 million. Based on the price of ETH at the time of the report, Blockchain Capital made a profit of almost $1.09 million in the RPL transaction.

Ethereum’s Shanghai upgrade is now active, and users expect volatility in the cryptocurrency market. Big investors like Blockchain Capital could play significant roles in how the market develops in the coming hours.