Large cryptocurrency holders are selling off Lido Aave Uniswap Frax Share prices drop
Bitcoin Price Sees Brief Recovery, but Selling Pressure Causes Another Dip
Bitcoin has been on a rollercoaster ride since last week, attempting to recover after hitting a low of $58,562. While it made a promising climb to nearly $63,976 on July 1, increased selling pressure and continued selling by the German government pushed its price back down to $60,490, resulting in a 3.6% drop.
A significant player in the market, referred to as a crypto whale or institutional investor, made headlines on Wednesday as they sold off millions of dollars worth of LDO, AAVE, UNI, and FXS tokens at a loss. As a result, the prices of these tokens experienced significant declines.
According to a report from Lookonchain, this individual sold 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 the losses incurred from these sales, the whale had previously invested over $73 million in Ethereum (ETH) and other tokens within the Ethereum ecosystem.
The recent sell-off has not wiped out the whale’s gains entirely, as they still hold 3.33 million LDO tokens worth $5.83 million and 31,191 AAVE tokens worth $2.8 million. Overall, their trading activities have resulted in a profit of $2.87 million. However, this profit is offset by losses of $3.23 million on LDO and $1.1 million on AAVE, with the majority of their gains coming from ETH.
In terms of token prices, the Lido coin has experienced a significant drop of 12.4% and is currently trading at $1.77. The price of FXS tokens also saw a dip to $2.65, reflecting an 8.24% decrease. The Aave coin has dropped by 2.5% and is currently hovering at $27.60, while the UNI token is trading at $8.82, showing a 2% drop in the last 24 hours.
Despite the recent sell-off in the DeFi market, there are still discussions about whether Ethereum remains a safe bet. Share your thoughts on this matter!
Tags: Altcoins