Whales Offload $LDO and $AAVE Ahead of ETH ETF Launch
In recent hours, seven crypto wallets have dumped $12.38 million worth of $LDO and $AAVE on Binance, incurring losses. This includes 4.44 million $LDO valued at $7.91 million and 49,771 $AAVE valued at $4.47 million. According to Spot On Chain, these transactions have collectively resulted in a loss of $3.34 million.
Within the past 4 hours, seven wallets deposited $12.38 million worth of $LDO and $AAVE on #Binance, resulting in losses:
– 4.44 million $LDO ($7.91 million)
– 49,771 $AAVE ($4.47 million)
– Estimated total losses: $3.34 million
These wallets accumulated these Ethereum ecosystem tokens during the period of hype surrounding the approval of the ETH ETF at the end of May. The significant sell-off of these tokens echoes market sentiment.
With the ETH ETF launch approaching, the actions of these major holders, known as whales, could be seen as a negative indicator. Their willingness to sell at a loss suggests a pessimistic short-term outlook for $LDO and $AAVE.
Whales’ Sell-off Indicates Bearish Short-Term Outlook for Lido and Aave
Predicting market movements, especially those caused by whales, remains challenging. Nonetheless, there are traders who continue to exit positions, anticipating the ETF launch.
Ultimately, these substantial deposits may reflect a bearish sentiment regarding the short-term performance of these tokens.