Crypto Trading Firm GSR Markets Deposits 7.41% of NeiroOnEthereum's Total Supply Back Into the Bybit Exchange After Previously Withdrawing Them

Crypto trading firm and liquidity provider GSR Markets has deposited a significant portion of NeiroOnEthereum's (NEIRO) total supply back into the Bybit crypto

Crypto trading firm and liquidity provider GSR Markets has re-deposited a large portion of NeiroOnEthereum’s (NEIRO) total supply back into the Bybit crypto exchange after previously withdrawing them.

According to a post on Saturday by market analytics platform, Spotonchain, GSR Markets transferred approximately 74.13 million $NEIRO tokens, which account for 7.41% of the token’s total supply, back to the exchange.

At the time of this writing, there’s no clear indication on why GSR Markets is unloading this token back to the crypto exchange platform.

GSR Markets deposited 7.41% of @NeiroOnEthereum’s total supply back to Bybit in the last 14 hours!

Notably, GSR Markets withdrew 74.13M $NEIRO from #Bybit at an average price of $0.084 (estimated cost: $6.2M) between Oct 8 and 21, 2024.

However, this action is likely intended… https://t.co/pNzp5hsqzk pic.twitter.com/BtWBfkHTgR

— Spot On Chain (@spotonchain) October 26, 2024

Background of the Withdrawals

Earlier this month, GSR Markets withdrew 74.13 million NEIRO tokens from Bybit at an average price of $0.084 between Oct. 8 and 21. This withdrawal, at the time, raised the possibility of a plan to promote NEIRO outside the exchange's influence for broader adoption.

However, the decision to re-deposit a comparable sum into Bybit suggests that the trading firm may have changed its approach to promoting the digital asset.

This action could also be a plan to improve trading liquidity rather than start a sale, as is often the case when such huge deposits are made on an exchange.

A Focus on Liquidity

Based on the purchase amount, GSR Markets would suffer a large loss if it were to sell the deposited tokens at the current price of $0.075. The estimated selling price is $5.53 million, which represents a loss of $669,000, or 10.8%, within 18 days.

Given that more liquidity usually leads to a more stable price and seamless trading experiences for investors, GSR Markets’ strategy could benefit Bybit's trading ecosystem.

Thus, the digital asset holders could anticipate the token’s price rally as a result of this event. NEIRO’s price surged by almost 1,000% last month, leading some traders to net millions of dollars from it.

NEIRO is currently trading at $0.0647, according to Coingecko.

NEIRO 24-hour Price Chart. | Source: Coingecko

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