An anonymous institutional wallet sold 37.26 million CRV at an average price of $0.35, realizing a loss of approximately $5.97 million on a position it had held for three years, according to a report by COINOTAG. At that price, the sale generated proceeds of roughly $13.04 million, implying an average acquisition cost of about $0.51 per token, meaning the wallet exited roughly a third below its entry cost.

The transaction record surfaced on Friday, October 2, while the disposal itself took place roughly ten days earlier, placing the sale at around September 22. The timing indicates the tokens were accumulated about three years before the sale, around September 2023. The identity of the wallet behind the transaction has not been disclosed, and no details have been released regarding the entity operating it or the circumstances of the sale. Disposals of this size generally come to light because blockchain transactions are recorded on a public ledger, and movements by large, unidentified holders are routinely tracked by on-chain observers; with the owner unknown, no rationale for the disposal has been made available, and any further transactions from the same address would be publicly visible on-chain.

CRV is the native governance token of Curve DAO, a decentralized exchange launched in January 2020 that specializes in low-slippage swaps between stablecoins and other pegged assets. The CRV token was introduced in August 2020. Curve allows holders to lock CRV into vote-escrowed CRV (veCRV), a mechanism used to participate in protocol governance and direct the distribution of liquidity rewards across the platform. Under the veCRV design, voting power scales with the length of time tokens remain locked, an approach that other protocols in decentralized finance have since adopted in varying forms.

This content was first published on COINOTAG.