Spot and Futures Linkage Sparks Controversy, VELVET Token Faces Significant Selling Pressure Following Short-Term Surge

BlockBeats News, June 11, according to EmberCN monitoring, the DEX project Velvet Capital's token VELVET recently experienced abnormal price fluctuations, soaring from around $0.09 to $0.9 in a short period of time, with a cumulative increase of 10x.

During the rapid price increase, the project's associated address transferred approximately 22 million VELVET to exchanges such as Bitget, Gate.io, and KuCoin within the past 3 days, totaling about $19.8 million, interpreted by the market as potential concentrated selling pressure.

In addition, the liquidity provider DWF Labs also moved around 6.68 million VELVET to the aforementioned exchanges in the past month, worth approximately $6 million.

The on-chain fund flow coincided with the rapid price surge, sparking community discussion on the "spot price ramp-up + contract harvesting" model.