Cryptocurrency Whales Offload Millions of Dollars worth of Crypto
Cryptocurrency whales took action again, selling off millions of dollars worth of yearn.finance on Saturday before YFI corrected by over 40%. Based on blockchain-tracking firm Lookonchain, one wallet deposited approximately $5.8 Million worth of YFI to cryptocurrency exchanges, presumably to be sold off.
According to Lookonchain, a chart showed YFI dropping to a low of $8,971 as the whales unloaded their holdings. The asset has since bounced and is trading for $9,408 at the time of publication, up over 2% in the last 24 hours.
1Inch Investment Fund Sells UNI Tokens at a Loss
Lookonchain likewise noticed that a wallet linked to the a fund of investment behind the decentralized exchange (DEX) aggregator 1inch (1INCH) sold Uniswap rallies to offload its UNI tokens for $2.13 Million. UNI is trading for $5.09 at the time of publication, nearly the same price as when the 1inch Investment Fund sold its holdings.
Hot Take: Cryptocurrency Whales are Continuously Shaping the Market
It’s essential to keep track of on-chain activity as it gives insights into how cryptocurrency whales are influencing the market and the short-term price movements in the space.
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