Ethereum data: Top crypto investor Polychain has accumulated 330

Published on by Cryptoslate | Published on

From its all-time high, YFI has dropped by over seventy percent, falling from $44,000 to $14,000 in a rapid sell-off as per CryptoSlate market data.

Despite this, blockchain data shared by a top Ethereum on-chain analyst indicates that a prominent venture investor in the space has purchased a large sum of YFI.Polychain Capital accumulates a large sum of Yearn.

CEO of Ethereum-focused data analytics firm Nansen, Alex Svanevik, noted on Oct. 17 that a wallet his company has labeled as that of Polychain Capital has just purchased YFI for the first time.

The company got 329 YFI, valued at around $4,600,000, sent to its wallet from Binance today.

Polychain Capital is a notable crypto fund that is led by Olaf Carlson-Wee, the first employee at Coinbase.

Alex Svanevik October 17, 2020.Some are still short, data shows.

Crypto derivatives tracker ByBt reports that the funding rates of the YFI perpetual futures markets on Huobi and FTX currently are negative.

The funding rate is the recurring fee that long positions pay short positions to normalize the price of the future to the underlying market.

A negative funding rate suggests that shorts are still more aggressive than longs.

It is likely that the average YFI perpetual future holder on these exchanges is net short, not long as Polychain may be.