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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Jul 03, 2024 10:30 UTC
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Crypto Whales Are Dumping! LDO, AAVE, UNI & FXS Take a Hit
Bitcoin price rebounds but falls again due to selling pressure.
Large investor sells LDO, AAVE, UNI, and FXS causing their prices to drop significantly.
Despite recent sell-off, the investor remains profitable overall due to large Ethereum purchases.
Since last week, Bitcoin has been trying to recover after dipping to $58,562. Although it nearly reached $63,976 on July 1, increased selling pressure and continued selling of Bitcoin by the German government forced its price back down to $60,490, reflecting a 3.6% drop.
On Wednesday, a prominent crypto whale or institutional investor sold millions of dollars worth of LDO, AAVE, UNI, and FXS at a loss, causing significant declines in the prices of these major tokens.
Whales Sell at a Loss, Market Feels the Chill
According to a report by the leading blockchain analytical platform Lookonchain, this whale or institution offloaded 3.13 million LDO tokens worth $5.77 million, 49,771 AAVE tokens worth $4.54 million, 269,177 UNI tokens worth $2.41 million, and 250,969 FXS tokens worth $708,000.
Despite these sales being made at a loss, the whale had previously spent over $73 million to buy Ethereum (ETH) and various tokens within the Ethereum ecosystem after the SEC approved form 19b-4 for an ETH ETF at the end of May. Even with the recent significant sell-off, the whale still holds 3.33 million LDO tokens worth $5.83 million and 31,191 AAVE tokens worth $2.8 million.
Profit and Loss Analysis
Despite the recent losses, the whale’s overall trading activities have yielded a total profit of $2.87 million. The breakdown of these figures shows a profit of $7.29 million on ETH, offset by losses of $3.23 million on LDO and $1.1 million on AAVE.
Token Prices Drop
As of now, the price of the Lido coin has seen a massive 12.4% drop & trading at $1.77. Along with this, the price of FXS tokens even saw a dip to $2.65 refelting a drop of 8.24%.
Meanwhile, the Aave coin has seen a drop of 2.5% & currently hovering at $27.60 and the UNI token is trading at $8.82, reflecting a drop of 2% seen in the last 24 hours.
Read Also: Santiment Reveals Top Three Altcoins to Buy in the Midterm
Is Ethereum still a safe bet despite the recent DeFi sell-off? Let us know what you think!
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