DeFi
Regardless of latest declines within the cryptocurrency market, a number of whales have made important bets on the 2 largest cryptocurrencies by market capitalization.
Based on knowledge from blockchain analytics platform Lookonchain, the whales (probably the identical particular person) have deposited massive quantities of ETH and Wrapped Bitcoin (WBTC) into decentralized finance (DeFi) protocols to safe lengthy positions.
Utilizing the DeFi protocols, the investor deposited each ETH and WBTC and borrowed stablecoins in return. The stablecoins had been then transferred to well-liked cryptocurrency trade Binance, the place they had been used to buy extra ETH and BTC.
The technique seems to be a guess on the long run appreciation of those cryptocurrencies at the same time as their costs have confronted stress in latest days.
In a single particular occasion, the person deposited a complete of 10,100 ETH (valued at $18.81 million) into Morpho AAVE, a DeFi protocol, prior to now 24 hours.
They subsequently borrowed $11.5 million value of stablecoins, which had been then transferred to Binance. It’s unclear how a lot WBTC was concerned within the transactions, however the tweets from Lookonchain counsel a major quantity.
Bitcoin (BTC) and Ethereum (ETH) are down 8.8% and 10.4%, respectively, over the previous week.