- Curve founder Michael Egorov sold CRV at a loss, highlighting a 54.6% decline in his position amid market volatility.
- Egorov’s Yield Basis project raised $5M at a $50M valuation, focusing on reducing impermanent loss in DeFi.
- CRV’s rounding bottom pattern signals a bullish reversal, with strong volume pushing the price above key resistance at $0.55.
Michael Egorov, founder of Curve Finance, recently sold 468,769 CRV tokens for $238,171 USDC at an average price of $0.508 according to Spot on Chain. This sale occurred roughly nine hours ago, highlighting a major setback for Egorov. Previously, on December 17 and 18, he acquired 1.226 million CRV at an average cost of $1.114, totaling $1.37 million. His current position reflects a loss of $745,000, marking a 54.6% decline.
Besides his trading activities, Egorov launched a new project called Yield Basis last month. Designed to tackle impermanent loss in DeFi, this initiative provides yield opportunities for Bitcoin and Ether holders engaged in market-making. The project secured $5 million in funding at a $50 million valuation, selling 100 million YB tokens, equivalent to 10% of the total supply. The funding round was oversubscribed by 15x, closing in just two weeks. Tokens will follow a six-month cliff, followed by two years of linear vesting.
CRV Shows Signs of a Bullish Reversal
Meanwhile, CRV’s price action according to analyst Bitcoin Wukong exhibits a rounding bottom pattern, suggesting a potential breakout. After dropping sharply from $0.88 to approximately $0.47, the token entered a consolidation phase. This period saw smaller price fluctuations.
Now that a clear upward curve has developed, the value of CRV has increased from $0.47 to almost $0.55. Given that a cup formation usually comes before an upward breakout, this pattern suggests a positive turnaround. Strong buying momentum was confirmed by rising volume as CRV recently broke through $0.55 resistance.
If the bullish momentum persists, CRV could experience further price appreciation. Traders anticipate a potential breakout beyond $0.60. Increased volume during the breakout phase suggests strong buyer interest, further supporting this positive outlook.
