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 Coin
‘ href=”https://www.newsbtc.com/dictionary/coin/”>coinremains 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.
From the largest $YFI farmer 👀
Psyops or dump in prod? https://t.co/qMLem0XEg8
— Hsaka (@HsakaTrades) October 26, 2020
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 Coin
‘ href=”https://www.newsbtc.com/dictionary/coin/”>coin ‘ href=”https://www.newsbtc.com/dictionary/coin/”>coin
‘ href=”https://www.newsbtc.com/dictionary/coin/”>coinsell-off, the Coin
‘ href=”https://www.newsbtc.com/dictionary/coin/”>coinis 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.”
Image Courtesy of Cold Blooded Shiller. Source: YFIUSD on TradingView.
There are other trends indicating that the Coin