Crypto whales sold off millions of dollars worth of desire on Saturday ahead of YFI, with a sharp correction of more than 40%, according to on-chain data.
One wallet was spotted by blockchain tracking company Lookonchain and deposited most of $5.8 million worth of YFI on crypto exchanges, which will likely be sold on the open market.
“Why did YFI suddenly drop by more than 40%?
Wallet ‘0x48f9’ transferred 446 YFI ($5.8 million), most of which was deposited into exchanges…
And a whale got really 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 fell to a low of $8,971 as the whales lost their assets. The yield-farming protocol’s native assets have since risen and are trading at $9,408 at the time of writing, up more than 2% in the past 24 hours.
Lookonchain also spotted a wallet associated with the investment fund behind decentralized exchange (DEX) aggregator 1inch (1INCH) selling off 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 on February 10 to buy 299,849 UNI for $6.67, then provided liquidity on Uniswap.
Looks like 1inch dumped all UNI at a loss!”
At the time of writing, UNI is trading at $5.09, almost the same price as when the 1inch Investment Fund sold its shares.
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Generated image: Midjourney