Crypto whales sold off millions of dollars worth of yearn.finance on Saturday prior to 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.
“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.”
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 () selling the recent rallies in Uniswap to offload its 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!”
At time of writing, UNI is trading for $5.09, nearly the same price as when the 1inch Investment Fund sold its holdings.