Starknet Token Exercise Dives as 3AC Liquidator Makes Main Binance Switch

• Three Arrows Capital liquidator Teneo transfers $2.63 million in STRK to Binance, retaining a major $157 million price.
• Teneo emerges as a serious participant within the Starknet (STRK) token ecosystem, holding the second-largest non-team/CEX pockets.
• STRK Value Up, Buying and selling Quantity Down: What’s Subsequent for Starknet?

Hedge Fund Three Arrows Capital’s liquidator, Teneo, has reportedly transferred 2.18 million STRK tokens, valued at roughly $2.63 million, to Binance over the previous three days. Based on an X publish by the blockchain analytics platform Spot On Chain, Teneo at present retains 130 million STRK, estimated to be price $157 million.

Chinese language crypto reporter Colin Wu supplied additional insights into Teneo’s strategic maneuver with STRK tokens. Notably, Teneo, holding a considerable portion of 3AC’s STRK tokens, has emerged because the second-largest non-team/CEX STRK-holding pockets.

As of the most recent information, the Starknet token (STRK) is buying and selling at $1.23, reflecting a slight lower of two.27% over the previous 24 hours. Nevertheless, the token has demonstrated optimistic momentum over the previous week and month, surging by 6.10% and three.88%, respectively.

The token at present holds the 68th place on CoinMarketCap, boasting a market capitalization of $1,408,958,143. A major decline of practically 50% in its 24-hour buying and selling quantity, at present at $157,940,550, suggests decreased exercise inside the ecosystem.

Based on a earlier report launched in February 2024, an handle recognized as “Teneo: 3AC Liquidation” holds greater than $602 million in crypto belongings. The report revealed that the pockets was dominated by an unlimited assortment of 75 million WLD tokens, valued at $567 million, constituting 94% of the whole belongings.

Different belongings within the Teneo pockets included 8.437 million DYDX, valued at round $26.91 million, 160,000 AXS, price greater than $1.3 million, and 5.75 million USDC. The report additionally famous that 3AC collectors are among the many largest holders of Worldcoin tokens (WLD).

Transferring STRK tokens to Binance piques curiosity upon Teneo’s intentions. It may very well be a step to liquidate the tokens to repay collectors or it may very well be a technique, partly, to maximise the worth of the remaining belongings.