In the past four hours, seven cryptocurrency wallets have collectively deposited $12.38 million worth of Lido DAO ($LDO) and Aave ($AAVE) tokens to Binance, registering significant losses. As per Spot On Chain data, this substantial movement includes 4.44 million $LDO valued at $7.91 million and 49,771 $AAVE valued at $4.47 million.
The estimated total loss from these transactions is around $3.34 million. This activity is notable as these tokens were accumulated during the Ethereum ETF approval hype in late May.
The current market conditions for these tokens suggest a bearish sentiment among these whales. Despite the upcoming ETH ETF launch date, the large-scale unloading of $LDO and $AAVE indicates a lack of confidence in the near-term price performance of these tokens. This bearish sentiment is further reflected in the recent price movements of both tokens.
At the time of writing, Lido DAO’s price has dropped by 12.30% in the last 24 hours, with a price of $1.77 and a trading volume of $185,382,574. Similarly, Aave’s price has declined by 7.25% in the same period, now priced at $88.87 with a trading volume of $150,567,668.
Technical indicators also provide insights into the current market sentiment. For Lido DAO, the 1-day RSI is at 39.20, suggesting that the asset may be approaching oversold conditions.
The 1-day MACD indicator shows MACD trading below the signal line, hinting at a bearish trend. This combination of indicators suggests a possible buying opportunity as the bearish momentum weakens.
In contrast, Aave’s technical indicators present a different scenario. The 1-day RSI for Aave reads 46.31, indicating that the asset is neither oversold nor overbought. Moreover, the MACD indicator shows the 1-day MACD trading above the signal line, suggesting some short-term bullish momentum.
