Behind the Scenes: Crypto Whales Liquidate Ethereum (ETH) Altcoin Positions, Triggering a 40% On-Chain Correction
On Saturday, crypto whales strategically offloaded millions of dollars worth of yearn.finance (YFI) just before the altcoin experienced a sharp correction of over 40%, as revealed by on-chain data from Lookonchain.
One notable wallet, identified as ‘0x48f9,’ transferred 446 YFI (equivalent to $5.8 million) to exchanges, anticipating a sell-off on the open market. A fortunate whale managed to sell 96 YFI for 636 ETH (approximately $1.23 million) at $12,893 per YFI just before the significant plunge.
Lookonchain’s chart illustrates YFI’s drop to a low of $8,971 during the whale activity, but the native asset of the yield-farming protocol has since rebounded, currently trading at $9,408, reflecting a more than 2% increase in the last 24 hours. Additionally, Lookonchain detected a wallet linked to the investment fund of the decentralized exchange aggregator 1inch (1INCH) selling Uniswap rallies, liquidating UNI tokens for $2.13 million at a loss. The 1inch Investment Fund had previously acquired 299,849 UNI for $6.67 on February 10, only to sell the entire holdings for $5.11, mirroring the current UNI market price of $5.09.
Clever Robot News Desk 20th November 2023
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