Ethereum

Based

yearn.finance

Uniswap

USDC

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 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.
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 “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.”
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_NICcOaUAAm2Ag?format=jpg&amp;name=4096x4096" alt="Image" width="2122" height="1054">
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 Source: Lookonchain/X
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 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!”
 <figure style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="" src="https://thebittimes.com/image/getimage/?url=https://pbs.twimg.com/media/F_Je6BebcAAutNR?format=jpg&amp;name=medium" alt="Image" width="836" height="856">
 <figcaption class="wp-caption-text">
 Source: Lookonchain/X
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 </figure>
 At time of writing, UNI is trading for $5.09, nearly the same price as when the 1inch Investment Fund sold its holdings.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-whales-sell-off-ethereum-eth-based-altcoin-before-massive-40-correction-on-chain-data-tbt70865.html">https://thebittimes.com/crypto-whales-sell-off-ethereum-eth-based-altcoin-before-massive-40-correction-on-chain-data-tbt70865.html</a>

Crypto Whales Sell Off Ethereum (ETH)-Based Altcoin Before Massive 40% Correction: On-Chain Data

TheBitTimes

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