Big investors, known as whales, have been making some serious moves in the crypto world, snapping up Ethereum (ETH), Uniswap (UNI) and a few other popular DeFi tokens.
Whale Watch: Big Buys and Borrows
One mystery whale pulled out a whopping $2.39 million worth of UNI tokens from the Gate.io exchange over the weekend. This same whale has been on a DeFi shopping spree, grabbing $2.95 million in Aave (AAVE) and $805,000 in Maker (MKR) from Binance earlier this month.
Another whale, linked to the investment firm Longling Capital, bought $12.34 million worth of ETH over the weekend, bringing their total ETH holdings to a hefty $168 million.
And in a clever move, a third whale bought $4.8 million worth of AAVE, deposited it into the Aave platform, borrowed some funds, and then used those funds to buy even more AAVE. Talk about a smart strategy!
DeFi Tokens on the Rise
These whale purchases are likely contributing to the recent surge in prices for these DeFi tokens. ETH is currently trading at $2,634, up nearly 7% in the last 24 hours. UNI, trading at $8.12, is also up almost 6% in the past day. AAVE, at $162.43, is following the trend with a similar 6% increase.
What Does It All Mean?
While these whale moves are exciting, it’s important to remember that crypto markets are volatile. Before investing, always do your own research and understand the risks involved.
