In a noteworthy event in the crypto realm, whales are making big amounts of DeFi tokens. As per the data from Spot On Chain, a Whale going by “0x257” has offloaded up to $7.96M in DeFi tokens into Binance. The deposited DeFi tokens reportedly take into account $EIGEN, $UNI, $LINK, $AAVE, and AAVE. The respective event reportedly took place nearly 8 hours back. This noteworthy development has raised significant apprehensions concerning a likely shift in the DeFi market.
Whale Offloads $EIGEN, $UNI, $LINK, and $AAVE
Spot On Chain considers the whale 0x257’s above-mentioned DeFi market exit as a calculated move. In this respect, the whale has reportedly been holding the $UNI, $LINK, and $AAVE tokens since the year 2022’s mid. By doing this, the target of the whale was to get massive profits on these token holdings.
In the breakdown of this offloading, the on-chain analytics provider asserted that the whale deposited 13,816 $AAVE, accounting for $3.54M. This paved the way for a 255% profit (nearly $2.56M). In addition to this, the whale offloaded 161,463 $LINK tokens, equaling $3.13M. As a result of this, the whale pocketed $2.13M, denoting a 213% profit. Moreover, the offloaded 85,529 $UNI tokens reportedly accounted for $758K.
Subsequently, the whale obtained a $258K, signifying a 52% overall profit. Apart from that, the whale deposited 289,399 $EIGEN tokens which accounted for $531K. The whale obtained them through $ETH staking via EigenLayer.
Decreasing Interest Due to New High-Yield DeFi Tokens Raises Concerns for Value Downturns
According to SpotOnChain, the latest offloading of DeFi tokens by the whale 0x257 highlights a wider ongoing trend. Hence, the enormous liquidations of DeFi tokens point toward the several factors at the back.
They take into account the decreasing interest, anticipation of a potential market correction, as well as a shift in attention toward latest entering higher-yielding assets. Based on the mounting DeFi liquidations, additional price fluctuations are expected that could lead to likely value downturns.
