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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post Crypto Whales Sell Off Ethereum (ETH)-Based Altcoin Before Massive 40% Correction: On-Chain Data appeared first on The Daily Hodl.