Suspected institutional wallets accumulate $47.5M in ZRO

Nine wallets believed to belong to institutional investors have accumulated 24.5 million ZRO, worth $47.5 million, in recent days, according to an analysis by on-chain analytics firm Nansen. The firm noted that this volume represents 2.6% of ZRO's circulating supply, with an average purchase price of $1.94. Nansen explained that there have been no sales from these wallets, all of which were funded from Coinbase Prime and hold only ZRO. Nansen assessed the activity as likely institutional movement ahead of a scheduled $55 million unlock on March 20, rather than retail investor flow. The firm described it as a move showing confidence despite the expected selling pressure. The accumulation reportedly began on Coinbase three weeks after LayerZero announced its own Layer 1 chain, 'Zero,' on Feb. 11.