In the previous 24 hours, a crypto whale has made a number of trades to take profits on some assets and acquire some other tokens at the same time.
On-chain data reveals that the wallet with address 0xbc…15c77 sold 300,662 UNI for 756 WETH, amounting to approximately $3,190,000, and earning a profit of $895,000. The whale also sold 1,000 AAVE for 72 WETH, which was worth $307,600.
These funds illustrate a planned movement of money, where profits are generated on current DeFi tokens and fresh investments are made in those that have a lot of room to develop.
Big buys in Lido, DAO, and Ethena
After the sales, the whale bought 2.31 million Lido DAO (LDO) tokens for 738.85 WETH, which is around $3.11 million. The average price was $1.35.
Lido is the biggest liquid staking protocol on Ethereum, and the purchase potentially signaled a bullish approach to staking-related investments in a bid to see growth in the network staking demand.
The whale also bought 1.21 million Ethena (ENA) tokens for 220 WETH, worth approximately $922,700, at an average price of $0.76.
With its synthetic dollar protocol and other yield-generating mechanisms, ENA has been gaining steam in the DeFi market over the previous months, attracting significant liquidity in the process.
Strategic Rebalancing by the Crypto Whale
When the crypto market is very volatile, experienced whales usually adjust their investments.
The sale of UNI and AAVE, which are well-known DeFi crypto tokens, for LDO and ENA suggests that the whale believes they can earn better returns by investing in the assets that have more growth potential.
The transactions have also been accompanied by the increased trading in altcoins in general as Ethereum and key DeFi projects have gained popularity as confidence returns to the markets.
Although it is yet to be determined whether these new positions will bring similar profits, the fact that the whale usually enters and exits at the right moment already makes this address worth paying close attention to.
Traders will be watching the prices of LDO and ENA to see if there is any indicator that this new repositioning move by this crypto whale is proving fruitful.
