Top Whales Offload These DeFi Tokens: Big Moves in the DeFi Space

The post Top Whales Offload These DeFi Tokens: Big Moves in the DeFi Space appeared first on Coinpedia Fintech News

Two prominent cryptocurrency investors have moved at least $24 million in DeFi tokens to binance binance - [email protected] Centralised Exchange While one has achieved big profits, the other has suffered heavy losses. Here is what you should know about this unusual development.

Whale “0x257” Cashes Out with Big Profits

According to Spot on Chain data, a whale, identified as “0x257”, moved nearly $7.96 million in four digital tokens to Binace recently. Among these tokens, at least three, AAVE, LINK and UNI, were DeFi tokens. At least 13,816 AAVE tokens, worth $3.54M; 161,463 LINK tokens, valued at $3.13M; and 85,529 UNI tokens, worth $758K, were deposited to Binance.

Not less than 255% in profit has been secured from AAVE; 213% from LINK and 52% from UNI.

The whale has also made a profit from its $523K worth EIGEN deposit.

Notably, the whale had been holding AAVE, LINK and UNI since mid-2022.

BlockTower Capital’s $16.78M DeFi Dump

As per Spot On Chain data, another crypto investor, BlockTower Capital, moved over $16.78 million in DeFi tokens to Binance recently. The aforesaid token dump resulted in a severe net loss of $2.94 million.

UNI, LINK, MKR and ENA were the four prominent tokens the investor deposited to Binance.

As many as 532,754 UNI tokens, valued at $5.33M; 197,451 LINK tokens, worth $4.29M; 3,862 MKR tokens, worth $3.77M; and 5.153 M ENA tokens, valued at $3.39M, were moved to Binance.

Though at least 12% gain has been achieved from UNI, LINK, MKR and ENA have caused losses of 9%, 31% and 29%, respectively.

Interestingly, the investor still holds at least 20,314 AAVE tokens, worth $5.47M, and 1,713 ETH tokens, valued at $4.84M.

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DeFi Market General Overview

In the last 24 hours, the DeFi coins segment has seen a loss of 4.7%. In the last seven days, some prominent DeFi tokens have experienced losses. STETH has dropped by 12.5%, LINK by 16.6%, WSTETH by 12.4%, UNI by 21.7%, AAVE by 9.1%, JUP by 17.5%, ENA by 17.4%, RAY by 12.6%, BNSOL by 12.6%, LDO by 5% and INJ by 21.18%.

In contrast to the weekly trend, in the last 24 hours, many top DeFi tokens have demonstrated bullish momentum. STETH has surged by 2.4%, WSTETH by 2.5%, HYPE by 8.7%, UNI by 2.2%, AAVE by 7.8%, LDO by 1.1%, and INJ by 3.7%.

In conclusion, the recent DeFi token movements show contrasting outcomes for major investors. While whale “0x257” secured significant profits, BlockTower Capital faced considerable losses. Despite a bearish week, the DeFi market showed signs of recovery in the past 24 hours, with several top tokens gaining momentum.

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