Chun Wang, co-founder of F2Pool and Stakefish, has been actively selling Lido DAO tokens amid the release of Lido v3, focusing on institutional investors.
Chun Wang's Continued Sell-Off
Chun Wang, the co-founder of F2Pool and Stakefish, continues to be active in selling Lido DAO tokens (LDO). Over the past 14 days, he sold 2.5 million tokens for $4.5 million in USDT. Since his return on November 21, 2024, after a 10.5-month break, he has unloaded 6.1 million tokens for $10.42 million. His average selling price was approximately $1.708. Originally holding 20 million tokens, Wang now maintains only 2.5 million tokens valued at $3.88 million. Among other early Lido DAO members, three resumed sales of their holdings last November.
Lido v3 and Institutional Staking
Lido, a leading liquid staking protocol, has introduced Lido v3 with stVaults aimed at institutional Ethereum investors. The protocol already secures over $25.5 billion in total value locked (TVL). The rising demand for staking is fueled by speculation about a potential pro-crypto administration supporting an Ethereum ETF.
Technical Analysis: LDO Forecasts
The $LDO/$USDT price on Binance shows a breakout from a prior downtrend. The price action is supported by a green ascending trendline while facing resistance at past highs. Breaking this resistance indicates bullish market sentiment. A strong buying interest is confirmed at a support zone, providing optimism for further growth to $16.058.
The ongoing trend of Lido token sales by its early investors, including Chun Wang, coincides with the launch of Lido v3, focusing on institutional staking. This is gaining interest amidst overall rising demand for Ethereum staking and a strengthening bullish market outlook.
