- Lido traders realized $10.17 million profits early on January 26, as LDO price climbed to a peak of $3.048.
- Whales have consistently realized profits since December 25.
- Lido price sustained above $3 despite profit-taking by large wallet addresses, as supply on exchanges plummeted to 5.69%.
Lido, a liquid staking service for cryptocurrencies like Ethereum, noted a surge in profit-taking activities by LDO holders. On-chain data reveals that whales are taking profits in LDO, consistently since December 25, 2023.
Despite profit-taking and surge in exchange supply, LDO price sustained above $3.
Also read: Bitcoin price range bound below $40,000 as retail traders show signs of BTC capitulation
Lido sees spike in profit-taking by large wallet investors
Data from crypto intelligence tracker Santiment reveals that whale wallet transactions valued at $100,000 and more coincide with spikes in Network Realized Profit/Loss. This implies large wallet investors are taking profits in LDO, consistently, since December 25.
LDO whale transactions and Network Realized Profit/Loss. Source: Santiment
LDO Supply on Exchanges climbed from 5.09% of Lido’s total supply on January 9 to 5.69% on Friday, as seen on Santiment. Despite a surge in LDO Supply on Exchange wallets – normally a bearish sign – Lido price has sustained above the $3 level.
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LDO Supply on Exchanges. Source: Santiment
At the time of writing, Lido price is at around $3.0007 LDO has climbed past the 38.2% Fibonacci Retracement level ($3.050) of LDO’s rally from $1.458 on October 19 to $4.035 on January 11, 2024. LDO price faces resistance at $3.121 and $3.236, in its uptrend.
LDO/USDT 1-day chart
A daily candlestick close below the 50% Fibonacci Retracement level at $2.746 could invalidate the bullish thesis for Lido.
