{"id":5401,"date":"2020-11-09T21:00:17","date_gmt":"2020-11-09T21:00:17","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=449289"},"modified":"2020-11-09T21:00:17","modified_gmt":"2020-11-09T21:00:17","slug":"a-whale-just-moved-14m-worth-of-yearn-finance-yfi-to-an-exchange","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/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’s 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’s 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<\/a>-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

Yearn.finance’s YFI Stabilizes Despite Bitcoin Downturn<\/strong> <\/strong><\/h2>\n

Over the past couple of hours, Bitcoin’s weakness hasn’t done much to influence the DeFi sector’s price action.<\/p>\n

Yearn.finance’s 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

YFI Just Saw Its 4th Largest Transaction Ever – And It’s Bad News for Bulls<\/strong><\/h2>\n

According to one analytics platform<\/a>, Yearn.finance’s 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

\n

“We’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.”<\/p>\n<\/blockquote>\n

\"Yearn.finance<\/p>\n

Image Courtesy of Santiment. Source: YFIUSD on TradingView<\/a>.<\/pre>\n
Just because these tokens are being moved to an exchange doesn’t mean that they’ll be sold, but it could be a potential event that catalyzes downwards momentum<\/a>.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Yearn.finance’s YFI token is surprisingly resilient today despite the turbulence throughout the aggregated crypto market. While Bitcoin is plunging lower, most…<\/p>\n","protected":false},"author":1,"featured_media":5402,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[126,188,127,123],"class_list":["post-5401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-yfi","tag-yfibtc","tag-yfiusd","tag-yfiusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5401"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5401"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5402"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}