Crypto Whale Selling Preceded Major Price Drops for YFI and UNI, Analysis Shows
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Crypto whales sold off $5.8M worth of YFI before it corrected over 40% based on on-chain data from Lookonchain.
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Lookonchain spotted a wallet linked to 1inch's investment fund selling $2.13M worth of UNI tokens at a loss after buying in at a higher price.
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The sales happened right before major price drops in both YFI and UNI.
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Lookonchain believes the whale activities precipitated the major corrections in the altcoin markets.
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The analysis provides insight into how whale behavior can impact price volatility in the crypto markets.