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.
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.
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!
Alameda Research, the bankrupt company tied to FTX, is back in the news after it…
As Bitcoin price gains strength, the altcoins are also rising with flying colors. Pi Network…
In a recent podcast with eToro, Charles Hoskinson, the co-founder of Cardano, opened up about…
Bitcoin bulls, take note. Is 2025 the year Bitcoin finally smashes through its limits? If…
Crypto is buzzing with bullish energy as Trump drops one positive update after another. In…
UFC icon and Irish presidential hopeful Conor McGregor is making headlines again—this time for his…
