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Synthetix Posts 12.5% Gain Amid Binance Outflows, Bucks Bearish Bitcoin Trend
One newly-created wallet withdrew $7.7 million of SNX and $3.9 million of LPT to prompt the tokens to surge.
Updated Sep 4, 2023, 10:15 a.m. Published Sep 4, 2023, 10:15 a.m.
SNX, the native token of decentralized liquidity platform Synthetix, rose by 12.5% on Monday following significant outflows from leading digital assets exchange Binance.
Volume over the past 24-hours has risen by more than 250% to $96 million, according to CoinMarketCap, with one newly-created wallet withdrawing $7.7 million worth of SNX tokens from Binance, per Lookonchain.
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Token outflows typically suggest a pattern of buying, as traders prefer to retain full control of their assets in order to vote in governance or secure a yield.
Aside from withdrawing SNX, the wallet in question also withdrew $3.9 million worth of livepeer tokens (LPT), prompting an individual surge of 17.5%.
The rise of the two assets comes during a wider lull in the cryptocurrency market. Bitcoin and ether continue to trade at range lows of $26,000 and $1,300 respectively following a week that saw $60 billion wiped from crypto's overall market cap.
Liquidity across altcoin trading pairs often retract during these downturns, creating an environment that is prone to volatility.
In this case, LPT token has 2% market depth on Binance of just $70,000 to the upside and $270,000 to the downside. This means that a trade can move the price of the asset by 2% by buying or selling those amounts.
Conversely, savvy traders could also trap this recent buyer into their position with the knowledge that the assets were purchased in low-liquidity conditions with significant slippage, thus pressure would be applied even with the slightest move to the downside.
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