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Thursday, July 25, 2024
Altcoins1238M Worth of LDO and AAVE Deposited to Binance at a Loss

1238M Worth of LDO and AAVE Deposited to Binance at a Loss

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Whales Offload $LDO and $AAVE Ahead of ETH ETF Launch

Within the recent hours, seven cryptocurrency wallets have transferred $12.38 million worth of $LDO and $AAVE to Binance, incurring losses. This includes 4.44 million $LDO valued at $7.91 million and 49,771 $AAVE valued at $4.47 million. Spot On Chain reports that the total estimated loss from these transactions amounts to $3.34 million.

In the past four hours, seven wallets deposited $12.38 million worth of $LDO and $AAVE to #Binance at a loss, including:
– 4.44 million $LDO ($7.91 million)
– 49,771 $AAVE ($4.47 million)
– Total estimated losses: $3.34 million

Notably, these tokens were accumulated during the hype surrounding the approval of the ETH ETF in the Ethereum ecosystem…

— Spot On Chain (@spotonchain)
July 3, 2024

Whales Dump $LDO and $AAVE Ahead of ETH ETF Launch

These wallets acquired tokens within the Ethereum ecosystem during the final days of May, amidst expectations for the approval of the ETH ETF. The subsequent large-scale dumping of these tokens has resonated across the market sentiment.

As the ETH ETF nears its launch, the actions of these major holders, known as whales, could be seen as a bearish indicator. Their willingness to sell at a loss may indicate a pessimistic short-term outlook for $LDO and $AAVE.

Whales’ Sales Signal Bearish Short-Term Outlook for Lido and Aave

Predicting market movements, particularly those influenced by whales, remains a challenge. It suggests that even today, some traders are choosing to exit, anticipating the ETF launch.

Ultimately, these substantial deposits likely reflect a bearish sentiment regarding the short-term performance of these tokens.

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