Congressman profits over 135% with unusual crypto trade
U.S. Representative Mike Collins recently disclosed unusual trades for a politician, actively buying and selling crypto altcoins. One of his trades, in particular, has rendered the Congressman over 135% in unrealized profits so far.
On July 11, Congressman Mike Collins disclosed the sale of three decentralized finance (DeFi) altcoins on June 23 and 24. These were The Graph (GRT), Velodrome (VELO), and Aerodrome (AERO), with sales ranging from $1,001 to $15,000.
However, these same filings also disclosed previous and future AERO purchases, ranging between $1,001 and $15,000 before the sale and $15,001 and $50,000 after it, signaling higher conviction. Aerodrome is the leading liquidity hub and decentralized marketplace of Coinbase’s (NASDAQ: COIN) Ethereum second-layer Base.
Picks for you
On August 25, Collins repeated the pattern, disclosing an AERO sale on August 4 and a repurchase on August 5. Both trades were within the same nominal value range of $15,001 to $50,000.
Aerodrome price analysis as Congressman Mike Collins trades AERO
Interestingly, Congressman Mike Collins has shown acumen in his AERO trading activities, buying at lower prices and selling higher. As of this writing, Aerodrome’s token trades at $1.18 after a remarkable surge.
The first trade occured with a potential purchase at $0.69 at Aerodrome opening prices on June 22 and a potential sale at $0.77 considering AERO closing prices on June 23. Yet, the second trade was likely a breakeven closing position, with prices floating at the same levels of the purchase.
Things got really interesting in Collins’s third Aerodrome purchase, on August 5, considering a huge wick down to $0.46. If purchasing at the daily’s lowest price, U.S. Representative Mike Collins currently holds over 156% of unrealized profits.
From a conservative perspective, the Congressman is profiting around 135% when looking at AERO’s open and close exchange rate on August 5. Considering the maximum disclosed range, this could result in up to $67,500 of unrealized profits.
Congressman Mike Collins was the first U.S. politician to disclose trading AERO, according to Quiver Quantitative data. Indeed, altcoins’ trades are unusual among politicians’ financial disclosures despite an upcoming altseason.
Base has been growing in transaction volume and, allegedly, on users’ preferences, primarily thanks to Coinbase’s well-recognized brand. Nevertheless, as Finbold explained in an exclusive story, the most used metrics for users are far from accurate.
Moreover, the Base’s network silently suffered from a major outage that took approximately 20 minutes and was underreported, raising concerns.
Comments
Post a Comment