The short story of GoldenTree selling $SUSHI
CoinAngel | GMB LABS
Today, SUSHI was sold on a wallet owned by GoldenTree, let’s talk about it briefly.
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.
Looking at their wallet addresses, they were constantly buying and staking SUSHI, owning it in the form of xSUSHI.
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.
the transaction, we can see that it went through two contracts in their wallet and was eventually deposited into Binance.
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.
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:)