As a seasoned crypto investor with a few battle scars from the wild west of digital assets, the news of Fenbushi Capital’s losses doesn’t exactly surprise me. It’s like watching an experienced fisherman reel in a catch after a long, patient wait – you know it was worth it, but you also know there will be more moments when the fish slip through your fingers.
Fenbushi Capital, the pioneering Asian venture capital firm specializing in blockchain technology, has experienced financial losses following the sale of various cryptocurrencies.
On October 1st, Lookonchain disclosed on-chain data revealing that Fenbushi Capital experienced potential losses of approximately 90% in certain cryptocurrencies. Subsequently, the platform has continued to sell off additional tokens, resulting in even greater financial losses.
Fenbushi Capital dumps multiple coins
Following a drop in the value of multiple digital assets from their peak levels, the venture capital firm disposed of approximately $5.14 million in these assets, realizing a loss. This sale comprised 219 Ethereum (ETH), valued over $576,000; 136,094 units of EigenLayer (EIGEN), worth around $514,000 and over 146,537 Uniswap (UNI) tokens, which were more than $1.13 million in value.
Fenbushi’s liquidation sale encompassed approximately $244,000 worth of SNT (10.1 million units), over $509,000 in COMP (10,681 units), and nearly $1.9 million in AAVE (over 11,600 units).
Additionally, the business offloaded 344,086 units of sushi, earning a total of $276,000. However, it’s important to note that these transactions resulted in losses, according to data from Arkham Intelligence.
ETH, UNI tokens down since year-to-date highs
In simpler terms, many investments have dropped significantly from their highest values during the 2021 market boom, and they’ve also lost some of the profits they made in the last twelve months after a strong first quarter in 2024.
As an analyst, I’m observing that my personal investment in ETH has dropped significantly, currently standing at 48% less than its all-time high. After a promising start above $3,500 this July, it seems the market has taken a turn for the worse. The selling activity associated with wallets linked to the Ethereum Foundation hasn’t been encouraging, despite the recent launch of Ether spot exchange-traded funds in July. However, the level of interest since then remains noteworthy.
Uniswap has experienced a decline exceeding 80% since reaching its peak, and it’s currently far below its predicted high of $15.40 in March 2024. The UNI token saw a steep drop earlier this year after the decentralized exchange platform was issued a Wells Notice by the U.S. Securities and Exchange Commission.
As a researcher studying the cryptocurrency market, I’ve noticed that Aave, similar to other digital assets, has witnessed significant drops from its record-breaking peaks and yearly maximum values.
In simpler terms, the platform that deals with decentralized money markets is a significant contributor within the world of decentralized finance. Its own token, AAVE, has reached levels similar to those seen in May 2022. Yet, supporters (bulls) have faced challenges over the last week, as the DeFi token has dropped almost 10%.
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2024-10-01 20:44