In a surprising turn of events amidst a decline in price, the institutional holder of AI Render (RNDR) has made a significant move. Kenetic Capital, as reported by Spot On Chain, has deposited its final batch of holdings, totaling 4.1 million RNDR valued at around $20.4 million, into Binance today.
Prior to this move, Kenetic Capital held the largest institutional address for RNDR before transferring all 6.6 million RNDR, valued at $32.5 million, to centralized exchanges. The sell-off is estimated to have resulted in a gain of $15.95 million for Kenetic Capital.
Spotonchain provides a detailed breakdown of Kenetic Capital’s actions. The venture capital firm initially received 6.225 million old RNDR from Render Token Deployer on Jan. 4, 2020, as a private-sale investor and subsequently migrated them to the new RNDR on March 23, 2023.
Following this, Kenetic Capital deposited 3.25 million RNDR, valued at $3.92 million, to the Huobi crypto exchange at an average price of $1.216 on both March 25, 2021, and Nov. 20, 2021. Additionally, the firm acquired 4.8 million RNDR, worth $18 million, from HTX and Binance at an average price of $3.76 between Nov. 21, 2021, and Nov. 11, 2022.
Subsequently, Kenetic Capital transferred all 6.6 million RNDR, valued at $32.5 million, to Binance at an average price of $4.92 between Dec. 24, 2023, and Feb. 14, 2024.
With regard to Render’s price movement, the prices experienced a rapid decline after reaching a peak of $5.281 on Dec. 26, coinciding with Kenetic Capital’s sales. Following substantial drops, RNDR found support at a low of $3.37 on Jan. 8.
Following this, the price began to recover but faced resistance at the $5 level in early February. Eventually, RNDR declined before rallying back to the daily MA 50 support level of $4.28 on Feb. 6.
Since then, Render’s price has exhibited an upward trend, albeit with intermittent minor declines. On Feb. 13, RNDR’s price surged to a high of $5.156, prompting profit-taking by sellers. Subsequently, the price retreated, with RNDR experiencing a 0.96% decrease within the prior 24 hours, settling at $5.