Crypto whales sold off millions of dollars worth of yearn.finance on Saturday prior to YFI sharply correcting by over 40%, according to on-chain data.
Spotted by blockchain-tracking firm Lookonchain, one wallet deposited the better part of $5.8 million worth of YFI to crypto exchanges, likely to be sold off on the open market.
“Why did YFI suddenly plummet more than 40%?
Wallet ‘0x48f9’ transferred 446 YFI ($5.8 million) out, most of which was deposited to exchanges…
And a whale was very lucky and sold 96 YFI for 636 ETH ($1.23 million) at a price of $12,893 before YFI plummeted.”
Based on Lookonchain’s chart, YFI dropped to a low of $8,971 as the whales unloaded their holdings. The native asset of the yield-farming protocol has since bounced and is trading for $9,408 at time of writing, up over 2% in the last 24 hours.
Lookonchain also spotted a wallet associated with the investment fund behind the decentralized exchange (DEX) aggregator 1inch (1INCH) selling the recent rallies in Uniswap to offload its UNI tokens for $2.13 million.
According to Lookonchain, the 1Inch Investment Fund sold its UNI tokens at a loss,
“The 1inch Team Investment Fund wallet sold all 416,924 UNI for 2.13 million USDC at a price of $5.11…
1inch spent 2 million USDC to buy 299,849 UNI at $6.67 on Feb 10, then provided liquidity on Uniswap.
It seems 1inch dumped all UNI at a loss!”
At time of writing, UNI is trading for $5.09, nearly the same price as when the 1inch Investment Fund sold its holdings.
⚠️Disclaimer:
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.
#EthereumEconomy #ETHWhaleTransaction $ETH