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.
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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