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Whale Sell-Off Crashes Crypto Market: LDO, AAVE, UNI & FXS Trading in Red

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By on July 3, 2024 Altcoin, Bitcoin, Regulations, Trading, Web3
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The post Whale Sell-Off Crashes Crypto Market: LDO, AAVE, UNI & FXS Trading in Red appeared first on Coinpedia Fintech News

Since last week, Bitcoin has been trying to recover after dipping to $58,562. Although it nearly reached $63,976 on July 1, increased selling pressure and continued selling of Bitcoin by the German government forced its price back down to $60,490, reflecting a 3.6% drop.

On Wednesday, a prominent crypto whale or institutional investor sold millions of dollars worth of LDO, AAVE, UNI, and FXS at a loss, causing a significant decline in the prices of these major tokens.

Major Sell-Off Causes Price Drops

According to a report by the leading blockchain analytical platform Lookonchain, a major whale or institution sold 3.13 million LDO tokens worth $5.77 million, 49,771 AAVE tokens worth $4.54 million, 269,177 UNI tokens worth $2.41 million, and 250,969 FXS tokens worth $708,000. 

Today this whale/institution sold 3.13M $LDO($5.77M), 49,771 $AAVE(4.54M), 269,177 $UNI($2.41M) and 250,969 $FXS($708K) at a loss.

This caused the prices of $LDO, $AAVE, $UNI, and $FXS to drop.

This whale spent more than $73M to buy $ETH and #Ethereum ecosystem tokens after the… pic.twitter.com/am8PG1pozE

— Lookonchain (@lookonchain) July 3, 2024

However, these sales were made at a loss, and as a result, the prices of these tokens saw a noticeable decline.

Meanwhile, this whale had spent over $73 million to buy Ethereum (ETH) and various tokens within the Ethereum ecosystem after the SEC approved form 19b-4 for an ETH ETF at the end of May. Despite today’s significant sell-off, the whale still holds 3.33 million LDO tokens worth $5.83 million and 31,191 AAVE tokens worth $2.8 million.

Profit and Loss Analysis

Despite the losses from the recent sales, the whale’s overall trading activities have made a total profit of $2.87 million. The breakdown of these figures shows a profit of $7.29 million on ETH. In contrast, there were losses of $3.23 million on LDO and $1.1 million on AAVE.

Impact on the Crypto Price

As of now, the price of the Lido coin has seen a massive 12.4% drop & trading at $1.77. Along with this, the price of FXS tokens even saw a dip to $2.65 refelting a drop of 8.24%. 

Meanwhile, the Aave coin has seen a drop of 2.5% & currently hovering at $27.60 and the UNI token is trading at $8.82, reflecting a drop of 2% seen in the last 24 hours. 

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