Mirana Ventures Moves 13.65M MNT ($12.2M) to Bybit After Three-Year Hold
Mirana Ventures — a venture arm linked to the Bybit ecosystem — deposited 13.65 million MNT tokens (≈$12.2 million) to the Bybit exchange on April 15, 2025, ending a three-year on-chain hold that began in early 2022. The transfer was identified via Onchain Lens. Such a large exchange deposit from a VC-linked wallet is typically read as a potential liquidation or capital-repositioning signal, though alternatives include an OTC sale, internal account reallocation, distribution to LPs, or preparation for structured products. Analysts note the amount is a modest portion of MNT’s daily volume and circulating supply and that Bybit routinely handles similar volumes, which may limit immediate price impact. Key metrics for traders to watch are exchange netflow (whether tokens stay on Bybit), MNT price reaction, and Mantle Network fundamentals (TVL and development activity). The move fits a common VC lifecycle pattern and likely reflects routine portfolio management rather than urgent selling, but short-term volatility is possible. This event underscores growing institutional transparency and sophisticated treasury strategies in Web3.
Neutral
The market impact is likely neutral. Although a $12.2M deposit to an exchange from a VC-linked wallet can signal potential selling pressure, several mitigating factors reduce immediate bearish risk: the deposit equals a modest share of MNT’s daily volume and circulating supply; Bybit routinely handles similar liquidity; and the three-year hold is indicative of standard VC lifecycle behavior (possible LP distribution or OTC coordination). Historically, large VC-linked exchange deposits sometimes cause short-term price dips if executed as market sells, but many are executed via OTC desks or staged sales to minimise slippage. Short-term: traders should expect possible volatility and monitor exchange netflow and orderbook depth. Long-term: if Mantle’s fundamentals (TVL, development activity, adoption) remain strong, the event is unlikely to alter the token’s trajectory materially. Therefore the overall expected effect is neutral — potential short-term noise without a clear directional signal absent further on-chain movements or announcements.