Michael Egorov, the founder of Curve Finance, has once again started liquidating his substantial holdings of CRV tokens, capitalizing on the slight recovery in the cryptocurrency market.
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According to Spot On Chain, Egorov sold 236,457 CRV tokens worth about $108,000 on Tuesday, continuing a pattern of selling that began in late March. This brings his total sales to 3.08 million CRV tokens, which have collectively earned him around $1.62 million at an average sale price of $0.527 per token.
The timing of these sales comes as the broader crypto market begins to stabilize after a steep downturn that saw Bitcoin fall below $75,000 and many DeFi tokens face downward pressure. While the market shows signs of improvement, Egorov’s regular offloading of CRV has raised concerns within the DeFi community about the potential for additional downward price pressure, given his significant holdings.
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In previous years, Egorov faced backlash for his large-scale CRV sales, as many investors feared that such moves would negatively impact the token’s price. Despite these concerns, Curve Finance remains a key player in the decentralized finance sector, particularly for stablecoin and liquidity pool trading, although CRV has struggled to keep pace with the broader market recovery.
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Despite the founder’s ongoing sell-offs, CRV has shown resilience, holding steady above $0.40. This has been attributed to renewed interest in DeFi protocols, with market participants speculating that decreasing interest rates in the United States could provide a favorable environment for DeFi assets moving forward. While CRV is still far from its all-time highs, the market sentiment around DeFi appears to be improving.
Alexander Stefanov
