Over the past few hours, a total of $12.38 million worth of $LDO and $AAVE has been deposited into Binance by seven crypto wallets, resulting in a loss. This includes 4.44 million $LDO, equivalent to $7.91 million, and 49,771 $AAVE, equivalent to $4.47 million. According to Spot On Chain, the total calculated loss from these transactions amounts to $3.34 million.
In the last four hours, seven wallets have deposited $12.38 million worth of $LDO and $AAVE into #Binance, incurring losses. This includes 4.44 million $LDO ($7.91 million) and 49,771 $AAVE ($4.47 million). The estimated total losses amount to $3.34 million.
It is worth noting that these wallets acquired these Ethereum ecosystem tokens during the hype surrounding the approval of the ETH ETF in the last days of May. The significant selling of these tokens by these whale investors has brought back negative sentiment in the market.
As the launch of the ETH ETF approaches, the actions of these major holders, also known as whales, may be seen as a negative indicator. Their willingness to sell at a loss suggests a pessimistic short-term outlook for $LDO and $AAVE.
Predicting market movements is often challenging, and it is particularly difficult to anticipate when these whales will make significant moves. This implies that there are still traders who prefer to exit their positions, especially those who were expecting the ETF to launch.
Finally, the large amounts deposited could indicate a bearish perspective on the short-term performance of these tokens.