# Large buyers follow very different routes

One large buyer sends 71% of its purchased CRV to exchanges. Another sends 0.3%.

The first buyer often sends purchased CRV to exchanges. The second sends almost all its purchased CRV back to DEX custody. Combining them into one category hides the difference.

The chart identifies each buyer by its contract address. Their routes explain why a large purchase balance can lead to very different destinations.

## Large buyers use different inventory routes

FIFO first destinations of gross purchases, expanded custody, all observed follow-up. DEX custody means inventory returned to trading venues. Full buyer addresses are in the chart CSV. The remaining share includes held units, bridges, burns, renewed purchase episodes and unresolved receipts.

[Figure](../charts/desks.svg) · [Data](../data/desks.csv)

| Observation | Exchange custody (% of purchased CRV) | DEX custody (% of purchased CRV) | Other / held (% of purchased CRV) |
| --- | --- | --- | --- |
| 0xeff6cb8b… | 70.7995 | 27.1281 | 2.0725 |
| 0x68d3a973… | 38.8292 | 61.1708 | 0 |
| 0x821c91df… | 7.5362 | 92.4638 | 0 |
| 0xd4bc5343… | 0.2794 | 99.4946 | 0.226 |

## Measurement

Buyer selection and labels come from the released MM/MEV-as-principal comparison. The data do not observe matching centralized-exchange fills or the controller’s other wallets. Contract net buying and gross purchase destinations are separate measurements.