Analyst links volatile LSK moves to GSR market-making activity

On-chain analyst ai_9684xtpa said GSR Markets is likely the market maker behind sharp price swings in Lisk (LSK), which recently surged about 20-fold from around $0.1 to above $2 before falling back as low as $0.3. The analyst said 9.2 million LSK, worth about $6.52 million, was transferred about six hours earlier from a multisig wallet starting with 0xCAa to an anonymous wallet starting with 0x9c7. Of that amount, 2 million LSK was then deposited into an address known as GSR’s Binance deposit wallet. The analyst added that a similar fund-flow pattern was detected nine months earlier. LSK briefly jumped to $2.37 over the weekend, marking a gain of several dozen times, and was recently trading around $0.5.