Curve Founder Sells CRV Amid Losses as Token Shows Bullish Signs

Curve founder Michael Egorov sold CRV at a loss, highlighting a 54.6% decline in his position amid market volatility.

Egorov’s Yield Basis project raised $5M at a $50M valuation, focusing on reducing impermanent loss in DeFi.

CRV’s rounding bottom pattern signals a bullish reversal, with strong volume pushing the price above key resistance at $0.55.

Michael Egorov, founder of Curve Finance, recently sold 468,769 CRV tokens for $238,171 USDC at an average price of $0.508 according to Spot on Chain. This sale occurred roughly nine hours ago, highlighting a major setback for Egorov. Previously, on December 17 and 18, he acquired 1.226 million CRV at an average cost of $1.114, totaling $1.37 million. His current position reflects a loss of $745,000, marking a 54.6% decline.

Besides his trading activities, Egorov launched a new project called Yield Basis last month. Designed to tackle impermanent loss in DeFi, this initiative provides yield opportunities for Bitcoin and Ether holders engaged in market-making. The project secured $5 million in funding at a $50 million valuation, selling 100 million YB tokens, equivalent to 10% of the total supply. The funding round was oversubscribed by 15x, closing in just two weeks. Tokens will follow a six-month cliff, followed by two years of linear vesting.

CRV Shows Signs of a Bullish Reversal

Meanwhile, CRV’s price action according to analyst Bitcoin Wukong exhibits a rounding bottom pattern, suggesting a potential breakout. After dropping sharply from $0.88 to approximately $0.47, the token entered a consolidation phase. This period saw smaller price fluctuations.

Source: Bitcoin Wukong

Now that a clear upward curve has developed, the value of CRV has increased from $0.47 to almost $0.55. Given that a cup formation usually comes before an upward breakout, this pattern suggests a positive turnaround. Strong buying momentum was confirmed by rising volume as CRV recently broke through $0.55 resistance.

If the bullish momentum persists, CRV could experience further price appreciation. Traders anticipate a potential breakout beyond $0.60. Increased volume during the breakout phase suggests strong buyer interest, further supporting this positive outlook.

The post Curve Founder Sells CRV Amid Losses as Token Shows Bullish Signs appears on Crypto Front News. Visit our website to read more interesting articles about cryptocurrency, blockchain technology, and digital assets.