Despite Market Downturn, Gotbit Hedge Fund Sees Potential In $Blast Token

Since its launch on June 26, $BLAST has seen a significant exodus of big investors, resulting in a near 24% drop in Total Value Locked (TVL).

A large investor has withdrawn 1,300 ETH from Blast, valued at $4.06 million at the time of the transaction. The address, linked to Twitter user @General6316, is seen to have deposited the ETH into Binance, according to crypto wallet tracker Ai Yi.

The investor is also seen to have withdrawn the ETH from Binance eight months prior, at an average price of $2,987. If the recently deposited ETH is sold, the investor stands to make a profit of $170,000.

Blast, a decentralized exchange (DEX) aggregator, saw a significant exodus of large investors following its launch on June 26. This, coupled with the recent downturn in the cryptocurrency market, has led to a 24% decrease in Total Value Locked (TVL) in the protocol.

Meanwhile, Gotbit Hedge Fund has expressed optimism about Blast’s future, despite the recent downturn. According to Gotbit, the recent price drop is a temporary liquidity withdrawal from airdrop participants and not a sign of Blast’s decline. They are seeing trends that indicate an upcoming price pump.

“We would be happy to invest in the Blast Ecosystem cos we see trends for the upcoming pump,” Gotbit stated.

While the immediate outlook for $BLAST appears shaky, the confidence expressed by Gotbit suggests that there may be a positive turnaround on the horizon. The current situation may represent a strategic opportunity for new investors to enter the Blast ecosystem at a lower price point before a potential surge in value.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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