yearn.finance (YFI), one of the well-established names in the decentralized finance (DeFi) world, dropped more than 40% in one day, causing stressful moments for its investors.
DeFi project YFI had a shocking effect on the market with its incredible decline in a short time. Approximately for 10 days YFI, which continues its steady rise, $5,945 from level for $15,796 reached and attracted attention. But altcoin in 5 days all of its profits got it back in 1 day.
According to data provided by on-chain analysis platform Coinglass 18 November With the decline experienced on the day, futures positions on YFI $4.69 million liquidation happened.
Positions in liquidation 3.42 million dollar part long $1.28 million If the part is short It consisted of directional positions.
Although the reason behind this sudden decline is not fully known, some market commentators yearn.finance team sells and its recent rise exit liquidity He commented that he used it as a.
On the other hand, YFI approximately 40% of its total supply in total, including hot wallets of exchanges in 10 addresses is being kept. Projects where the total supply is divided among such a limited number of wallets are often high sales pressure stands out with its potential.
According to CoinGecko data, in the last 24 hours 45% losing value $15,158 from level to $8,450 At the time of writing, YFI decreased by from $9,146 is being traded.