Digital assets company Amber Group on altcoins shopping spree

Amber Group caught the attention of crypto enthusiasts today. The financial service company purchased LDO coins worth $3.55 million from exchange Binance early today.

🚨 Amber Group (@ambergroup_io) allegedly withdrew 1.48M $LDO ($3.55M) from #Binance at $2.4 via address 0x011 ~35 mins ago.

Notably, Amber Group 0x011 has withdrawn 5.94M $LDO ($10.6M, avg price: $1.78) from #Binance in the past 3 months, mostly ahead of the pump, and then… pic.twitter.com/OltdWLoi76

— Spot On Chain (@spotonchain) November 20, 2023

Amber Group shocked the markets by accumulating around 1.48 million Lido coins from Binance. Further, the associated wallet, 0x011, has been purchasing digital assets over the previous three months. The company bought LDO worth approximately $10.6 million at a $1.78 average price in the last 90 days.

The timing makes 0x0011’s Lido purchases interesting, with the transactions taking place before rallies in the crypto market. The firm then sends the tokens to the Oxbee wallet.

Amber Group’s altcoin purchases

The digital firm has been accumulating altcoins over the past 90 days. Lookonchain observed wallets connected to Amber Group and FalconX buying significant Lido assets from Binance in August.

Not only #FalconX is accumulating $LDO, but it seems that #Amber is also accumulating $LDO.

An address related to #Amber withdrew 1.19M $LDO($1.8M) from #Binance 5 hrs ago and has accumulated 4.46M $LDO ($6.78M) since Aug 18.https://t.co/aISj1L9A4Mhttps://t.co/L3vDrWauwT pic.twitter.com/vzv27dKDgB

— Lookonchain (@lookonchain) October 20, 2023

Currently, Amber Group holds LDO worth $1.4 million in addresses 0x011 and 0xbee. Moreover, according to LDO’s current value, the firm stands at $3.75 million unrealized profits (a 35.5%) gain.

Lido DAO coin exhibited bullish trends at press time. It gained 8.05% in the past 24 hours to trade at $2.47.

LDO 1D Chart on Coinmarketcap

Also, invezz.com reported that Amber Group has purchased Optimism tokens lately. It boosted the altcoin’s trajectory by accumulating nearly $10 million in coins. OP traded at $1.79 during this publication, following a 2.15% 24-hour uptick.

The substantial returns highlight Amber Group’s skills in understanding market movements. Further, the purchase shows how leading players in the crypto world navigate trends to remain profitable. Thus, enthusiasts will likely watch LDO and OP price actions (closely) in the up-and-coming sessions.

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