Is This VC Cashing Out? Moves UNI, COMP, AAVE, And SNT Tokens To Binance

Fenbushi Capital, a blockchain-centric task superior (VC), appears to beryllium cashing retired aft moving 4 tokens, including Aave (AAVE) and Compound (COMP), to Binance. The VC is moving these tokens to the exchange, perchance to merchantability and fastener successful their profits oregon chopped losses erstwhile marketplace participants expect prices to tick higher.

Fenbushi Capital Cashing Out? Sends AAVE, UNI, SNT, and COMP Tokens To Binance

After the bid of little lows aft crypto prices peaked, chiefly successful Q1 2024, the statement is that Bitcoin and Ethereum prices are acceptable to crook the corner. If Bitcoin breaches $70,000 and Ethereum soars supra $3,000, shaking disconnected caller weakness, they could assistance different little liquid altcoins, including those Fenbushi chose to nonstop to Binance.

According to on-chain data, the VC transferred 146,537 UNI worthy $1.12 million, implicit 10.1 cardinal SNT worthy $244,000, 10,681 COMP worthy $510,000, and 11,616 AAVE worthy $1.89 million, to Binance. The VC secured implicit $1.20 cardinal successful profits, assuming they sold each these tokens astatine spot rates.

Fenbushi Capital sends tokens to Binance | Source: @OnchainLens via X

Of each these tokens, their AAVE holdings has seen them summation implicit $1.1 cardinal successful profits. However, astatine spot rates, they are successful reddish from their COMP holdings. COMP is the autochthonal governance token of Compound, a lending protocol.

AAVE terms trending upward connected the regular illustration | Source: AAVEUSDT connected Binance, TradingView

Fenbushi received these tokens astir 2 years ago, successful 2022, months aft astir of them had soared to grounds highs successful the past DeFi and NFT-driven bull run. When writing, nary connection from Fenbushi explained their determination to transportation astir of these DeFi tokens to the exchange.

DeFi Rising And Protocols Building: Wrong Timing To Exit?

Whenever coins are moved to a centralized speech could awesome weakness and beryllium seen arsenic bearish. However, considering the existent crypto sentiment, Fenbushi’s raises eyebrows and could dilatory down the uptrend.

According to DeFiLlama, the full worth locked (TVL) crossed DeFi protocols is implicit $88 billion. At spot rates, TVL is up by implicit 100% from 2022 lows of astir $36 billion.

Out of this, Aave, Uniswap, and Compound are immoderate of the largest platforms. Aave manages implicit $12.7 cardinal of assets, portion Uniswap controls implicit $4.8 billion.

DeFi TVL | Source: DeFiLlama

Beyond the crisp uptick successful full DeFi TVL, these protocols are besides actively building. Uniswap, the decentralized exchange, plans to merchandise its v4 successful the coming months, portion Aave actively attracts caller users. By precocious September, the lending app had received adjacent to $20 cardinal successful idiosyncratic deposits, cementing its presumption successful DeFi.

Feature representation from iStock, illustration from TradingView