According to blockchain monitoring platform Arkham, an Ethereum address believed to be associated with the prominent cryptocurrency investment firm Hashkey Capital has withdrawn a significant amount of Optimism (OP) tokens from the Bybit exchange.
Specifically, the address 0xdb…F71f withdrew 2.146 million OP tokens at 16:14 UTC+8 today. This withdrawal is estimated to be worth approximately $4.7 million, based on Optimism’s current market price.
Recurring Transfers to OKX Deposit Address
Further analysis of the suspect address reveals a pattern of large USDT transfers to an OKX deposit address that is also suspected to be linked to Hashkey Capital.
Over time, the address has transferred tens of millions of US dollars worth of USDT to this OKX address, suggesting an established connection between the two entities.
This recurring movement of funds underscores the potential relationship between the withdrawn OP tokens and the investment activities of Hashkey Capital.
Also Read: Hashkey Global Dives into Meme Coin Market, Launches 3 New Perpetual Contracts
Decline in Optimism (OP) Price
The withdrawal of the 2.146 million OP tokens by the suspected Hashkey Capital address coincides with a decline in the price of the Optimism token.
At the time of reporting, the price of Optimism (OP) stands at $2.24, reflecting a 1.96% drop in the last 24 hours and a more significant 13.49% decline over the past 7 days.
The token’s 24-hour trading volume is $713,268,161, and its market capitalization is $2,813,200,482, based on a circulating supply of 1.3 billion OP.
Swell Joins Optimism Superchain, Migrating from Polygon
In a separate but related development, the liquid staking protocol Swell has announced that it will be joining the Optimism Superchain, replacing Polygon as its L2 network.Â
This migration will see Swell’s L2 infrastructure integrated with the Optimistic Rollup-based OP Stack, potentially enhancing the overall capabilities and adoption of the Optimism ecosystem.
Potential Impact and Implications
The withdrawal of a sizable amount of OP tokens by an address suspected to be affiliated with Hashkey Capital, a prominent crypto investment firm, may have broader implications for the Optimism network and the wider cryptocurrency market.
Analysts will be closely monitoring the situation to assess the potential impact on Optimism’s liquidity, market sentiment, and the project’s long-term growth and development prospects.
Additionally, the migration of Swell’s liquid staking protocol to the Optimism Superchain could be seen as a vote of confidence in the network’s technological capabilities and future potential.
Also Read: AVAX & LINK Gets Listed On Hong Kong’s Hashkey Exchange