{"id":449289,"date":"2020-11-09T21:00:17","date_gmt":"2020-11-09T21:00:17","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=449289"},"modified":"2024-06-11T14:08:09","modified_gmt":"2024-06-11T14:08:09","slug":"a-whale-just-moved-14m-worth-of-yearn-finance-yfi-to-an-exchange","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/a-whale-just-moved-14m-worth-of-yearn-finance-yfi-to-an-exchange\/","title":{"rendered":"A Whale Just Moved $14m Worth of Yearn.finance (YFI) to an Exchange"},"content":{"rendered":"
Yearn.finance\u2019s YFI token is surprisingly resilient today despite the turbulence throughout the aggregated crypto market. While Bitcoin is plunging lower, most of the DeFi sector is actually up today.<\/p>\n
The break of this sector\u2019s recent multi-month downtrend<\/a> came about following a series of massive short squeezes seen by the blue-chip DeFi assets like YFI, SNX, and others.<\/p>\n Just a few days ago, YFI rallied from lows of $7,500 to $18,000 in a mere matter of hours, marking one of the largest surges seen by an asset of its size over such a short period of time.<\/p>\n After reaching these highs, it began encountering some intense selling pressure that slowed its growth and led it to see a sharp decline down to lows of $12,000. From this point, it rebounded and has been trading sideways ever since.<\/p>\n One bear-favoring event that may signal some downside is imminent for the token is the transference of 2,546.23 YFI tokens to a centralized exchange, marking the 4th largest transaction of all-time.<\/p>\n These tokens may soon be offloaded, placing immense sell-side pressure on the cryptocurrency.<\/p>\n Over the past couple of hours, Bitcoin’s weakness hasn\u2019t done much to influence the DeFi sector\u2019s price action.<\/p>\n Yearn.finance\u2019s token<\/a> is trading down roughly 2% at its current price of $14,780. This is around the price at which it has been trading throughout the past few days.<\/p>\n It is still down from its recent highs of $18,000 set at the peak of the short squeeze-induced rally, but it is still up nearly 100% from its weekly lows.<\/p>\n If BTC continues plunging lower, it could create some headwinds that hamper higher-risk cryptocurrencies like YFI.<\/p>\n According to one analytics platform<\/a>, Yearn.finance\u2019s YFI token just saw its 4th largest transaction ever, with someone sending over 2,500 tokens to an exchange.<\/p>\n This could indicate that a massive influx of sell-side pressure is imminent.<\/p>\n \u201cWe’ve just tracked Yearn.finance’s 4th largest transaction of all-time, and highest sum since late August. 2,546.23 YFI tokens were transferred as a centralized exchange deposit, worth a total of $13.8M from a whale address to new exchange address.\u201d<\/p><\/blockquote>\n <\/p>\n Just because these tokens are being moved to an exchange doesn\u2019t mean that they\u2019ll be sold, but it could be a potential event that catalyzes downwards momentum<\/a>.<\/p>\n Yearn.finance\u2019s YFI token is surprisingly resilient today despite the turbulence throughout the aggregated crypto market. While Bitcoin is plunging lower, most of the DeFi sector is actually up today. The break of this sector\u2019s recent multi-month downtrend came about following a series of massive short squeezes seen by the blue-chip DeFi assets like YFI, SNX, and others. Just a few days ago, YFI rallied from lows of $7,500 to $18,000 in a mere matter of hours, marking one of the largest surges seen by an asset of its size over such a short period of time. After reaching these highs, it began encountering some intense selling pressure that slowed its growth and led it to see a sharp decline down to lows of $12,000. From this point, it rebounded and has been trading sideways ever since. One bear-favoring event that may signal some downside is imminent for the token is the transference of 2,546.23 YFI tokens to a centralized exchange, marking the 4th largest transaction of all-time. These tokens may soon be offloaded, placing immense sell-side pressure on the cryptocurrency. Yearn.finance\u2019s YFI Stabilizes Despite Bitcoin Downturn\u00a0 Over the past couple of hours, Bitcoin’s weakness hasn\u2019t done much to influence the DeFi sector\u2019s price action. Yearn.finance\u2019s token is trading down roughly 2% at its current price of $14,780. This is around the price at which it has been trading throughout the past few days. It is still down from its recent highs of $18,000 set at the peak of the short squeeze-induced rally, but it is still up nearly 100% from its weekly lows. If BTC continues plunging lower, it could create some headwinds that hamper higher-risk cryptocurrencies like YFI. YFI Just Saw Its 4th Largest Transaction Ever \u2013 And It\u2019s Bad News for Bulls According to one analytics platform, Yearn.finance\u2019s YFI token just saw its 4th largest transaction ever, with someone sending over 2,500 tokens to an exchange. This could indicate that a massive influx of sell-side pressure is imminent. \u201cWe’ve just tracked Yearn.finance’s 4th largest transaction of all-time, and highest sum since late August. 2,546.23 YFI tokens were transferred as a centralized exchange deposit, worth a total of $13.8M from a whale address to new exchange address.\u201d Image Courtesy of Santiment. Source: YFIUSD on TradingView. Just because these tokens are being moved to an exchange doesn\u2019t mean that they\u2019ll be sold, but it could be a potential event that catalyzes downwards momentum. Featured image from Unsplash. Charts from TradingView.<\/p>\n","protected":false},"author":499,"featured_media":449293,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[79667,79666,81710],"class_list":["post-449289","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-yfibtc","tag-yfiusd","tag-yfiusdt"],"acf":[],"yoast_head":"\nYearn.finance\u2019s YFI Stabilizes Despite Bitcoin Downturn<\/strong>\u00a0<\/strong><\/h2>\n
YFI Just Saw Its 4th Largest Transaction Ever \u2013 And It\u2019s Bad News for Bulls<\/strong><\/h2>\n
Image Courtesy of Santiment. Source: YFIUSD on TradingView<\/a>.<\/pre>\n
Featured image from Unsplash.\r\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"