1kx Offloads $2.38M in Rocket Pool $RPL Tokens Following 28% Price Spike

Crypto investment firm 1kx has recently sold 203,319 Rocket Pool (RPL) tokens for $2.38 million. This sale followed a 28% increase in the value of RPL tokens after the launch of perpetual contracts for RPL on Binance on September 9, 2024.

Binance Futures Announces RPL Perpetual Contract Launch. Source: BinanceFutures

On-chain analyst @EmberCN reported the sale, which marked a significant moment for 1kx in its ongoing involvement with Rocket Pool.

1kx Sells $2.38M in RPL After 28% Price Surge. Source: EmberCN

RPL Perpetual Contracts Boost Liquidity, Attracting Investors Like 1kx

Perpetual contracts enable traders to speculate on RPL tokens’ future price without needing to own the actual asset. This boosts liquidity and trading volume, driving up the price and drawing in more investors.

Notably, the introduction of RPL perpetual contracts on Binance reinforced Rocket Pool’s role in the expanding decentralized staking market. In fact, as trading activity increased, it opened a profitable opportunity for early investors like 1kx. It allowed them to sell part of their holdings while keeping a significant stake in the project.

1kx Stays Strong in Rocket Pool with 315,835 RPL Tokens Still Staked

Moreover, 1kx has been invested in Rocket Pool since December 2021, acquiring over 570,000 RPL tokens at that time. Subsequently, as Ethereum staking gained popularity, Rocket Pool emerged as a leading decentralized solution, allowing users to stake without the need for running their own validator nodes.

Additionally, in 2023, 1kx staked its entire RPL token allocation on the Rocket Pool network. By doing so, the firm earned staking rewards while also supporting the security of the network. Correspondingly, despite selling over 200,000 RPL tokens, 1kx remains a significant player in Rocket Pool, with 315,835 RPL tokens still staked in the network.

RPL Open Interest Surges from $851K to $6.52M in Two Days

Data from Coinglass reveals a significant rise in futures Open Interest (OI) for RPL across various exchanges. OI measures the total number of active derivative contracts that have yet to be settled. It indicates whether money flow into the contracts is increasing or decreasing.

A rise in OI suggests new money is entering the market, which often supports prices through increased buying activity. On the other hand, a decline in OI signals market liquidation, where more investors exit positions, leading to greater selling pressure.

The graph below highlights a sharp increase in RPL’s OI, from $851,160 on Monday to $6.52 million on Tuesday, marking its highest point since mid-June.

RPL Open Interest Hits $6.52M Amid Price Surge. Source: Coinglass

Rocket Pool (RPL) Soars 21.92% with $2.94B Locked in Staking

At the time of writing, Rocket Pool (RPL) is trading at $11.75, showing a 21.92% increase in the last 24 hours. The market capitalization of RPL is $243,329,028, with a daily trading volume surging to $52,739,854, reflecting a remarkable 1668.51% increase. The circulating supply of RPL tokens stands at 20,706,749, matching the total supply. Additionally, the Total Value Locked (TVL) in Rocket Pool is approximately $2.94 billion, demonstrating the protocol’s growing influence in the decentralized staking ecosystem.

Rocket Pool Price Surges to $11.75 with 21.92% Gain. Source: CoinMarketCap