Curve's CRV token hit a two-year low early Tuesday as the number of coins held on centralized exchanges reached a record high. godbole17 reports
CRV, the governance token of decentralized exchange Curve, has turned volatile amid a surge in the number of coins held at centralized trading platforms.
In other words, the number of CRV available for liquidation on centralized exchange has substantially increased. Investors typically transfer coins from their wallets to exchanges when intending to sell their positions. According to several Twitter-based researchers, including Lookonchain, the whale recently borrowed some 20 million CRV from the DeFi lending giant Aave and transferred half of that to OKEx, possibly to sell the cryptocurrency. The balance held on OKEx has increased by 11.3 million this month, according to Glassnode data.CRV's near-term prospects appear bleak as the uptick in the exchange balance is accompanied by a lack of incentive to hold the token or provide liquidity on Curve.
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