As the Ethereum Shappella upgrade, an important development for the cryptocurrency world, approaches, whales are selling liquid staking tokens such as LDO. Blockchain data platform Lookonchain reported that a whale made over $2 million in profits by selling liquid staking tokens.
Whales are selling these altcoins as Ethereum Shappella approaches!
According to recent on-chain data, liquid staking has been one of the worst performing crypto sectors in the past 24 hours after falling more than 6%. All seven altcoin projects in this space fell more than 2%, while three of them, Lido DAO Token (LDO), Rocket Pool (RPL), and pSTAKE Finance (PSTAKE), fell more than 6%.
Also, according to seven-day measurements, these protocols have lost 13% of their value. This shows that the current sale has continued throughout the past week.
cryptocoin.comAs you follow, liquid staking derivatives (LSD) platforms received high attention earlier in the year as the market prepares for Ethereum’s Shapella network upgrade, which will enable the withdrawal of staked tokens.
LDO and RPL plunge over 6% as whales sell
Blockchain researcher Lookonchain reported that a whale (Blockchain Capital) made over $2 million in profits by selling liquid staking tokens. Lookonchain noted that the whale sold 1.5 million LDO tokens for $2.52 million and 65,352 RPL tokens for $2.9 million.
Other LDO whales like MakerDAO founder Rune Christensen and Dragon Fly also sold more than 500,000 tokens on April 10, Lookonchain reported. Blockchain analytics firm Arkham Intelligence stated that activity in LSD tokens has increased. The analytics firm added that a wallet owned by crypto trader Sisyphus recently sold $400,000 worth of LDO tokens.
Lido and Rocket Pool are among the top three dominant liquid staking platforms in the industry. More than 6.5 million ETH worth $12.64 billion have been locked across the two protocols, according to DeFillama data.
How is the situation with other LSD tokens?
Meanwhile, Frax Share’s FXS was down nearly 3% to $8,61642 at the time of writing. Other protocols such as StakeWise (SWISE), ANKR and Stafi (FIS) have also seen losses in the past 24 hours. Overall, the market cap of crypto tokens in this industry stands at $3.8 billion as of press time. DeFillama data shows that the TVLs of the top 10 liquid staking protocols excluding Marinade Finance have dropped by an average of 2% over the past 24 hours.
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