{"id":645663,"date":"2024-10-02T02:30:17","date_gmt":"2024-10-02T02:30:17","guid":{"rendered":"https:\/\/wncen.com\/?p=645663"},"modified":"2024-10-01T14:49:22","modified_gmt":"2024-10-01T14:49:22","slug":"is-this-vc-cashing-out-moves-uni-comp-aave-and-snt-tokens-to-binance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/is-this-vc-cashing-out-moves-uni-comp-aave-and-snt-tokens-to-binance\/","title":{"rendered":"Is This VC Cashing Out? Moves UNI, COMP, AAVE, And SNT Tokens To Binance"},"content":{"rendered":"

Fenbushi Capital, a blockchain-centric venture capital (VC), appears to be cashing out after moving four tokens, including Aave (AAVE) and Compound (COMP), to Binance. The VC is moving these tokens to the exchange, possibly to sell and lock in their profits or cut losses when market participants expect prices to tick higher. <\/span><\/p>\n

Fenbushi Capital Cashing Out? Sends AAVE, UNI, SNT, and COMP Tokens To Binance<\/span><\/h2>\n

After the series of lower lows after crypto prices peaked, mainly in Q1 2024, the consensus is that Bitcoin and Ethereum prices are ready to turn the corner. If Bitcoin breaches $70,000 and Ethereum soars above $3,000, shaking off recent weakness, they could lift other less liquid altcoins, including those Fenbushi chose to send to Binance.<\/span><\/p>\n

Related Reading: Crypto Researcher Reveals Why XRP Price Reaching $1,000 Is Not A Pipe Dream<\/a><\/div>\n

According to on-chain data<\/a>, the VC transferred 146,537 UNI worth $1.12 million, over 10.1 million SNT worth $244,000, 10,681 COMP worth $510,000, and 11,616 AAVE worth $1.89 million, to Binance. The VC secured over $1.20 million in profits, assuming they sold all these tokens at spot rates. <\/span><\/p>\n

\"Fenbushi
Fenbushi Capital sends tokens to Binance | Source: @OnchainLens via X<\/figcaption><\/figure>\n

Of all these tokens, their AAVE holdings has seen them gain over $1.1 million in profits. However, at spot rates, they are in red from their COMP holdings. COMP is the native governance token of Compound<\/a>, a lending protocol.<\/span><\/p>\n

\"AAVE<\/a>
AAVE price trending upward on the daily chart | Source: AAVEUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

 <\/p>\n

Fenbushi received these tokens nearly two years ago, in 2022, months after most of them had soared to record highs in the last DeFi and NFT-driven bull run. When writing, no statement from Fenbushi explained their decision to transfer most of these DeFi tokens to the exchange.<\/span><\/p>\n

DeFi Rising And Protocols Building: Wrong Timing To Exit?<\/span><\/h2>\n

Whenever coins are moved to a centralized exchange could signal weakness and be seen as bearish. However, considering the current crypto sentiment, Fenbushi’s raises eyebrows and could slow down the uptrend.<\/span><\/p>\n

Related Reading: Bitcoin Price Could Skyrocket To $118,000 By Year-End: Here\u2019s Why<\/a><\/div>\n

According to <\/span>DeFiLlama<\/span><\/a>, the total value locked (TVL) across DeFi protocols is over $88 billion. At spot rates, TVL is up by over 100% from 2022 lows of around $36 billion. <\/span><\/p>\n

Out of this, Aave, Uniswap, and Compound are some of the largest platforms. Aave manages over $12.7 billion of assets, while Uniswap controls over $4.8 billion. <\/span><\/p>\n

\"DeFi
DeFi TVL | Source: DeFiLlama<\/figcaption><\/figure>\n

Beyond the sharp uptick in total DeFi TVL, these protocols are also actively building. Uniswap, the decentralized exchange, plans to release its v4 in the coming months, while Aave actively attracts new users. By late September, the lending app had <\/span>received<\/span><\/a> close to $20 billion in user deposits, cementing its position in DeFi. <\/span><\/p>\n

Feature image from iStock, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Fenbushi Capital, a blockchain-centric venture capital (VC), appears to be cashing out after moving four tokens, including Aave (AAVE) and Compound (COMP), to Binance. The VC is moving these tokens to the exchange, possibly to sell and lock in their profits or cut losses when market participants expect prices to tick higher. Fenbushi Capital Cashing Out? Sends AAVE, UNI, SNT, and COMP Tokens To Binance After the series of lower lows after crypto prices peaked, mainly in Q1 2024, the consensus is that Bitcoin and Ethereum prices are ready to turn the corner. If Bitcoin breaches $70,000 and Ethereum soars above $3,000, shaking off recent weakness, they could lift other less liquid altcoins, including those Fenbushi chose to send to Binance. Related Reading: Crypto Researcher Reveals Why XRP Price Reaching $1,000 Is Not A Pipe Dream According to on-chain data, the VC transferred 146,537 UNI worth $1.12 million, over 10.1 million SNT worth $244,000, 10,681 COMP worth $510,000, and 11,616 AAVE worth $1.89 million, to Binance. The VC secured over $1.20 million in profits, assuming they sold all these tokens at spot rates. Of all these tokens, their AAVE holdings has seen them gain over $1.1 million in profits. However, at spot rates, they are in red from their COMP holdings. COMP is the native governance token of Compound, a lending protocol.   Fenbushi received these tokens nearly two years ago, in 2022, months after most of them had soared to record highs in the last DeFi and NFT-driven bull run. When writing, no statement from Fenbushi explained their decision to transfer most of these DeFi tokens to the exchange. DeFi Rising And Protocols Building: Wrong Timing To Exit? Whenever coins are moved to a centralized exchange could signal weakness and be seen as bearish. However, considering the current crypto sentiment, Fenbushi’s raises eyebrows and could slow down the uptrend. Related Reading: Bitcoin Price Could Skyrocket To $118,000 By Year-End: Here\u2019s Why According to DeFiLlama, the total value locked (TVL) across DeFi protocols is over $88 billion. At spot rates, TVL is up by over 100% from 2022 lows of around $36 billion. Out of this, Aave, Uniswap, and Compound are some of the largest platforms. Aave manages over $12.7 billion of assets, while Uniswap controls over $4.8 billion. Beyond the sharp uptick in total DeFi TVL, these protocols are also actively building. Uniswap, the decentralized exchange, plans to release its v4 in the coming months, while Aave actively attracts new users. By late September, the lending app had received close to $20 billion in user deposits, cementing its position in DeFi. Feature image from iStock, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":564565,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[79511,83417,79574,54512,93126,10036,80532],"class_list":["post-645663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-aave","tag-aaveusdt","tag-compound","tag-defi","tag-fenbushi","tag-status","tag-uniswap"],"acf":[],"yoast_head":"\nIs This VC Cashing Out? 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.","sameAs":["https:\/\/www.linkedin.com\/in\/dalmas-ngetich-40a67a147\/","https:\/\/x.com\/Dalmas_Ngetich"],"url":"https:\/\/wncen.com\/author\/dalmasngetich\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is This VC Cashing Out? 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