Whale Withdrew $10.3M Worth of UNI, Deposited It on Aave and Shorted UNI

IconCryptoNewsTerminal Staff25 Jul, 2024

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Whale Withdrew $10.3M Worth of UNI, Deposited It on Aave and Shorted UNI

An anonymous whale has withdrawn 1.43 million UNI ($10.3 million) from Binance and deposited it on crypto lending protocol Aave. This transaction was reported by blockchain analytics firm Lookonchain. It is believed that the whale then borrowed 5.5 million USDC from Aave and deposited it on Binance. According to experts, this suggests that the whale may have shorted UNI. The price of UNI has been on a downward trend in recent weeks, and this may have motivated the whale to short the asset. This is a significant development as it shows that there is still a lot of interest in UNI, despite the recent price decline. It also highlights the increasing use of Aave for shorting assets.

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