Crypto whales sold off millions of dollars worth of yearn.finance on Saturday prior to YFI 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.”
Source: Lookonchain/X
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 (1INCH)
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