Top Yearn.finance Farmer Sends $1.4m Worth of YFI to Binance

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Yearn.finance (YFI) has been one of the hardest-hit crypto-assets over the past few weeks and months. From its all-time high of $44,000, the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin has declined to $14,000 as of this article’s writing. The <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin remains one of the leading DeFi assets, touting a market capitalization of just under $500 million.

Some fear the asset could decline even further after an early adopter of the protocol sent a large sum of YFI to exchanges. It is unclear what this individual will do with these funds, though some assume they will be sold for stablecoins or another cryptocurrency like Ethereum or Bitcoin.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Yearn.finance Farmer Sends Large Sum to Exchanges

As noted by crypto analyst “Hsaka,” a pseudonymous individual that farmed the most YFI just sent 100 coins, worth around $1,400,000, from their wallets to Binance.

Some think this unnamed individual may proceed to dump YFI on the market, causing the asset to slide further than it already has.

Of note, this isn’t the first time this individual has done so: another address connected to the main address systematically collected, then sent hundreds of YFI over the past two to three months to Binance.

Coins can also be sent to exchanges for other purposes, though. For one, if contracted by an exchange, a user with a large sum of a single <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin can make a market, enabling users of the exchange to trade in and out of the asset with minimal slippage.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Technicals Getting Back on Track

Despite the potential for a YFI drop as a result of the 100 <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin sell-off, the <a class="wpg-linkify wpg-tooltip" title="

Altcoin

Altcoin is defined as any cryptocurrency except for Bitcoin. “Altcoin” is a combination of two words: “alternative Bitcoin” or “alternative coin”. There are over 1,500 altcoins with many more planned for release.

» Read more

” href=”https://www.newsbtc.com/dictionary/altcoin/” data-wpel-link=”internal”>altcoin’s technicals are getting back on track.  One crypto-asset analyst shared the chart below, showing that the native Yearn.finance <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is expected to shoot dozens of percent higher if it manages to breach a notable resistance:

“Break through the top of this immediate resistance and we could easily see it stretch it’s wings again.”

Yearn.finance YFI

Image Courtesy of Cold Blooded Shiller. Source: YFIUSD on TradingView.

There are other trends indicating that the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is expected to move higher as technical and fundamentals align.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Top Yearn.finance (YFI) Farmer Sends $1,400,000 Worth of the <a class="wpg-linkify wpg-tooltip" title="

Coin

A coin is a unit of digital value. When describing cryptocurrencies, they are built using the bitcoin technology and have no other value unlike tokens which have the potential of software being built with them.

» Read more

" href="https://www.newsbtc.com/dictionary/coin/" data-wpel-link="internal">Coin to Binance

Via: https://www.newsbtc.com

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