Within the last few hours, seven crypto wallets have deposited $12.38 million of $LDO and $AAVE to Binance at a loss. This includes 4.44 million $LDO, equivalent to $7.91 million and 49,771 $AAVE, equivalent to $4.47 million. As mentioned by Spot On Chain, the overall calculated total loss of these transactions stands at $3.34 million.
In the past 4 hours, 7 wallets deposited $12.38M worth of $LDO and $AAVE to #Binance at losses, including:• 4.44M $LDO ($7.91M)• 49,771 $AAVE ($4.47M)• Total est. losses: $3.34MNotably, they accumulated those #Ethereum-ecosystem tokens during the ETH ETF approval hype in… pic.twitter.com/ae3kdjOhMo
— Spot On Chain (@spotonchain) July 3, 2024
Whales Dump $LDO and $AAVE Ahead of ETH ETF Launch
These wallets brought the tokens for the Ethereum ecosystem during the period when the approval of the ETH ETF was in the last days of May. As a result of this, the large-scale dumping of these tokens recalled the sentiment of the market.
As the ETH ETF approaches, the activities of these major holders, also know whales, may be perceived as a negative sign. Their willingness to sell at a loss may suggest they have a poor short-term outlook for the $LDO and $AAVE.
Whales’ Sales Signal Bearish Short-Term Outlook for Lido and Aave
It is often challenging to forecast markets let alone know when these ‘whales’ will be causing noticeable movements. It implies that even to date, there are traders who prefer to exit especially by selling their assets such as those expecting the ETF to launch.
Lastly, these large deposited amounts could be due to a bearish view on the short- term performance of these tokens.