Dragonfly buys millions of tokens on Coinbase amid impending crypto bull run

Written by

Written on Dec 4, 2023

Reading time 2 minutes

Dragonfly has invested in various digital tokens on the Coinbase exchange.
The firm’s move highlights a looming bullish rally in the crypto market.
Related alts recorded price upticks after the investment.

Digital assets venture fund Dragonfly caught the attention of market players following its significant investments in the crypto industry. The company purchased various cryptos on exchange Coinbase, suggesting potential bullishness for the sector.

The Dragonfly Capital multisig contract (0xB9…2ebF) received 21.08 million RBN ($7.09 million) from Ribbon Finance’s Vesting Escrow contract on December 4, and transferred to Coinbase Prime. Dragonfly also transferred 1.87million LDO ($4.63 million) and 150 ETH to Coinbase Prime…
— Wu Blockchain (@WuBlockchain) December 4, 2023

Besides reflecting Dragonfly’s confidence in upcoming bull runs, the strategic investment demonstrates Coinbase’s position in the cryptocurrency world despite its regulatory challenges.

Dragonfly’s asset purchases

Dragonfly bought several digital coins from Coinbase, including Ethereum, Lido, and Ribbon. The venture firm acquired 21.08 million RNB coins, 1.87 million LDO, 150.184 million Ether, and SFI tokens worth $97.68K.

With this strategic investment, Dragonfly signals its dedication to expanding its portfolio. The unlocked RBN, LDO, and Ether are essential for a diverse balance sheet. Moreover, it establishes Coinbase as the platform of choice for substantial token transfers.

Market sentiment

Dragonfly’s latest asset purchases from Coinbase could signal bullishness, cementing the alt season narrative. Influential organizations often invest when profitability chances increase, and the significant transaction might positively impact market sentiment.

Strategic asset allocations remain crucial in determining market trends as the crypto sector develops. Meanwhile, enthusiasts will likely watch the market’s response to the deposit transactions by Dragonfly. Also, the volume of the transfers makes it a noteworthy development to monitor the up-and-coming sessions.

Dragonfly’s latest asset purchases triggered optimism in the crypto market, boosting recoveries in related digital coins. RBN and LDO gained 12% & 0.02%, respectively, in the past 24 hours. Also, Ethereum followed Bitcoin’s latest uptrend past $41K to hit new 2023 highs at 2,247.35, following a nearly 4% jump.