a16z Offloads 400,000 COMP Tokens Worth $18.33 Million
Andreessen Horowitz (a16z) is offloading its holdings in Compound (COMP), raising concerns among market watchers. Key points include:
- a16z deposited an additional 100,000 COMP tokens worth approximately $4.58 million into Coinbase on June 29, following prior transfers of 300,000 COMP.
- The total amount sent to Coinbase by a16z now stands at 400,000 COMP, valued at $18.33 million.
- Crypto researcher Charlie0 noted that the sales occur in structured 100K batches every 24 hours, indicating a potential strategic exit rather than portfolio rebalancing.
- Despite the sell-off, a16z retains about 275,000 COMP tokens, valued around $12 million.
- Compound's price remains near a critical breakout point, with support around $43 and a projection target of approximately $57 based on technical analysis.
The RSI indicates weak momentum at 45.37, while MACD suggests a possible bullish crossover. Short-term prospects for breaking $100 appear limited.