The short story of GoldenTree selling $SUSHI
![](https://framerusercontent.com/images/zZb2X85FlXP0KwB1bTUIY1opqU.png)
CoinAngel | GMB LABS
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General
2023-03-23
![](https://framerusercontent.com/images/HtI9lF36tZcq5oH9Plklt89EXKc.png)
Today, SUSHI was sold on a wallet owned by GoldenTree, let’s talk about it briefly.
⎮ BUY
![](https://framerusercontent.com/images/S3Pv8lhLXXWFE72zvTbGJ35c4.png)
GoldenTree is a ~$50bn privately owned asset manager that is well known for investing globally in corporate credit, distressed credit, credit structured products, and emerging markets. They announced their intention to invest on the sushi forum in October 2022.
![](https://framerusercontent.com/images/jaujNx83WtpnpL4QiogtYX648k.png)
Looking at their wallet addresses, they were constantly buying and staking SUSHI, owning it in the form of xSUSHI.
⎮ SELL
![](https://framerusercontent.com/images/DvFPfS7QVqMMXHgYlLUvheCufvY.png)
My guess is that it’s because Sushi, and Head Chef Jared Grey, were recently served with an SEC Subpoena, as posted on the Sushi forum yesterday.
![](https://framerusercontent.com/images/xpwoYNWa489HKTy7xznhFijY0.png)
the transaction, we can see that it went through two contracts in their wallet and was eventually deposited into Binance.
Tx list:
https://etherscan.io/tx/0x370de96902a9c35141b32c8143eb50d2a9f162d78bdad0cc35260c1a3cf86869
https://etherscan.io/tx/0xac5b98c60f3cf906ae80360dbf625ac623114b32ef16a2c75a9d280b25057cf3
https://etherscan.io/tx/0x30facf28521ae1b2829ee3c615c7fbc415f160f90554a70c548229a07bd25f8c
![](https://framerusercontent.com/images/EHTwyyZd0ZHOqsKt7yFKaHWywmY.png)
Furthermore, look at Binance’s funding history, we can see that after GoldenTree’s SUSHI deposit, it dropped dramatically. This suggests that they were selling SUSHI and hedging with a short position in Futures.
![](https://framerusercontent.com/images/eqoYLHsikk1fuABfiawunXs.png)
They still have about 3.5 million (~$3.6M) SUSHI in their wallets. If this also leads to a sell-off, we could see a big drop in SUSHI, so be careful with your investments. GL:)
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