A whale/institution redeemed about 1.27 million EIGEN from the EigenLayer staking contract since 7pm last night and sold it on the chain
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Odaily reports that according to on-chain analyst Yujin's monitoring, in October, whales/institutions spent $32.45 million USDC at an average price of $3.64 to purchase 9.917 million EIGEN through 21 addresses. Since last night, they have started to redeem EIGEN and sell them on-chain. Since 7 pm last night, 4 of their addresses have redeemed 1,270,507 EIGEN ($5.02 million) from the EigenLayer staking contract and are now selling them for ETH or USDC. A few days ago, when EIGEN reached a high of $5.6, their 9.917 million EIGEN had an unrealized profit of $17.65 million, but now it has fallen back to around the cost line.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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