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BlockTower Capital has shifted over $2M in Maker tokens to EigenLayer, signaling a growing interest in next-gen DeFi assets.
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BlockTower Capital has rotated over $2 million worth of Maker tokens into EigenLayer, marking a growing appetite for next-generation DeFi cryptocurrencies.
The move has also boosted other DeFi projects – a top trader has just predicted that meme coin-focused staking app Crypto All-Stars will see big gains in the near future.
Maker slumps and eigen jumps on BlackTower reshuffle
The move has had an impact on both the MKR and EIGEN prices.
MKR has fallen by 0.75% today, while EIGEN has gained 1.2%.
Lookonchain reported BlockTower Capital’s transaction on Thursday, revealing that the firm sent 1,815 MKR to GalaxyDigital and received 653K EIGNEN from Wintermute 20 hours later.
Glancing at Etherscan data, this is the first time the BlockTower Capital wallet has invested in EigenLayer. The firm’s holdings currently total $2.42 million.
Despite the recent rotation, the wallet still holds 1,364 MKR tokens, which are worth $10.45 million at press time.
In addition, the wallet controls $3.56 million worth of Maple Token, which is another DeFi crypto. It also holds $849K worth of Lido DAO, $142K worth of Blur, and $69K worth of FOAM Token.
BlockTower Capital’s recent reallocation into EigenLayer reflects a growing risk appetite among market participants.
Maker has been around since 2018, while EigenLayer token launched less than two weeks ago.
Clearly, this makes EigenLayer a riskier bet. BlockTower Capital’s move illustrates the market’s swelling risk appetite as traders look toward a more bullish performance through Q4 and into 2025.
Author: Guest Post
