Crypto Whales Sell Ethereum (ETH)-Based Altcoins Ahead of Massive 40% Correction: On-Chain Data
According to on-chain data, cryptocurrency whales sold millions of dollars on yearn.finance on Saturday before YFI staged a significant correction of over 40%.
A wallet discovered by blockchain tracking firm Lookonchain deposited most of $5.8 million worth of YFI on crypto exchanges, likely sold on the open market.
“Why did YFI suddenly plunge more than 40%?
Wallet “0x48f9” transferred 446 YFI ($5.8 million), most of which was deposited to exchanges…
And one whale got very lucky and sold 96 YFI for 636 ETH ($1.23 million) at a price of $12,893 before YFI crashed.”
Source: Lookonchain/X
Based on Lookonchain’s chart, YFI fell to a low of $8,971 as whales dumped their holdings. The yield farming protocol’s native asset has since recovered and is trading at $9,408 at the time of writing, up over 2% in the last 24 hours.
Lookonchain also discovered a wallet linked to the investment fund behind decentralized exchange (DEX) aggregator 1inch (1INCH), which sold recent rallies in Uniswap to dump its UNI tokens for $2.13 million.
According to Lookonchain, 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 purchase 299,849 UNI at $6.67 on February 10th and then provided liquidity on Uniswap.
It seems as if 1 Zoll has dumped all UNI at a loss!”
Source: Lookonchain/X
At the time of writing, UNI is trading at $5.09, almost the same price as when 1inch Mutual Fund sold its shares.
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