Mantle (MNT) cryptocurrency is attracting market attention following a prominent whale’s move to deposit massive amounts of tokens to the Bybit crypto exchange. Today, Mirana Venture, a global investment fund that offers long-term capital to Web3 fund managers, deposited 13.65 million MNT tokens worth $12.2 million into the Bybit exchange, a significant transaction flagged by market analyst On-chain Lens. These large token deposits happened as volatility increased in the larger crypto market. As a result, the transaction has raised critical questions about the intent behind the move and the possible effect of Mantle’s price movement.
Yesterday, the crypto market fell hard after the Trump administration threatened to impose 10% tariffs on all goods from European nations that oppose his plans to take control of Greenland, but downplayed the use of force to capture the territory. While Bitcoin and Ethereum fell below $90,000 and $3,000 levels, today they experienced reliefs including other multiple altcoins.
Dissecting Mirana Venture 13.65M MNT Deposit
The whale’s decision to deposit 13.65 million MNT tokens to the exchange raises scrutiny about the market timing. As per the on-chain data analysis, the whale accumulated the MNT tokens three years ago at an average price of $0.5095.
However, today, the investor transferred the tokens to its on-chain wallet on Bybit when Mantle was trading at an average price of $0.8717, a transaction that enabled the Mirana Venture to earn an unrealized profit of $4.94 million. If the investor decides to sell the tokens at current market prices, he would face a realized profit of around $4.94 million, reflecting a positive ROI of +70.93%.
The Mirana Venture’s move to transfer the MNT tokens to Bybit indicates that the investor may be preparing to sell, trade, or utilize the assets on the exchange platform.
Will The Deposits Cause Further MNT Sell-off?
Despite this huge profitability, the Mantle price has been experiencing market difficulties recently. Today, MNT recorded a 1.3% rise, making its price currently trade at $0.8750. Its price has been down 8.3% and 17.6% over the past week and month, respectively, reflecting corrections in the broader crypto market.
Mantle’s price pullback mirrors a fresh wave of liquidations being experienced in the larger cryptocurrency market. The downturn comes as BTC struggles to reclaim its six-figure digits (the $100,000 mark) as global financial markets are frightened by renewed trade tariff tensions between the European Union and the U.S. Decreased speculative activity has also caused Mantle’s price cooldown.
Technical indicators show that MNT’s downtrend may have reached its highest end, and therefore shows a declining selling pressure with bullish momentum building up. Mantle is currently displaying a bullish double bottom pattern, suggesting a promising price rise if it can break key resistance levels. The move by Robinhood to list Mantle on its popular US crypto trading platform (yesterday, January 21) uplifted investor enthusiasm amid wider crypto market volatility.
