Amber Group, a prominent digital asset firm, has recently made a significant move in the Layer 2 protocol space, accumulating a substantial amount of Optimism’s (OP) tokens. This strategic move has not gone unnoticed, as the Layer 2 token’s on-chain metrics are aligning with a bullish outlook for the asset. Over the past 30 days, OP’s price has surged by an impressive 50%, delivering substantial gains for its holders.
What caught the attention of market observers is the simultaneous accumulation of OP tokens by both institutional investors and traders. According to data from the on-chain tracker, Data Nerd, a wallet address associated with the Amber Group withdrew a staggering 2.84 million OP tokens from Binance.
This withdrawal represents just a portion of the Amber Group’s overall accumulation, which has amounted to a total of 5.37 million OP tokens in the past three days, with a total value of $9.37 million. Such actions are typically interpreted as bullish signals for the asset, as they reduce the selling pressure on Optimism.
Notably, traders across different segments have also been actively adding OP tokens to their portfolios. This accumulation trend can be observed among holders in three distinct tiers: those holding 1,000 to 10,000 tokens, 10,000 to 100,000 tokens, and even 1 million to 10 million tokens. This broad-based accumulation reinforces the positive sentiment surrounding OP and provides additional support for its price gains.
The on-chain metrics of the Layer 2 token further substantiate the bullish outlook. OP’s trade volume has exhibited consistent growth over the past three months, as indicated by data from the crypto intelligence tracker, Santiment. The trade volume has nearly doubled, rising from 128.84 million in August to an impressive 259.48 million on November 13.
Additionally, the Total Value Locked (TVL) in Optimism has increased by 16.81% between November 1 and 13, according to data from DeFiLlama. This growth in TVL signifies a rising demand for and relevance of the token among market participants.
As of the latest data available, OP’s price stands at $1.87, marking a 1% gain for the day. Moreover, the token has recorded substantial weekly gains of nearly 20%, which suggests that these positive price movements may be sustainable in the near term.
The accumulation of OP tokens by the Amber Group, along with the support from traders and impressive on-chain metrics, paints a bullish picture for Optimism. With its recent price gains and growing market interest, OP appears poised for further growth and relevance in the Layer 2 protocol ecosystem.
