DeFi
Regardless of current declines within the cryptocurrency market, a number of whales have made important bets on the 2 largest cryptocurrencies by market capitalization.
In accordance with information from blockchain analytics platform Lookonchain, the whales (possible the identical particular person) have deposited giant 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 have been then transferred to common cryptocurrency trade Binance, the place they have been used to buy extra ETH and BTC.
The technique seems to be a wager on the longer term appreciation of those cryptocurrencies whilst their costs have confronted strain in current 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 price of stablecoins, which have been then transferred to Binance. It’s unclear how a lot WBTC was concerned within the transactions, however the tweets from Lookonchain recommend a major quantity.
Bitcoin (BTC) and Ethereum (ETH) are down 8.8% and 10.4%, respectively, over the previous week.
