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Crypto hedge fund, Polychain capital buys $8.2 million worth of

Polychain Capital is adding more investments into the Ethereum-based yield farming token, (YFI) by $8.2 million.



Crypto hedge fund, Polychain capital buys $8.2 million worth of, Yearn.Finance, a lending aggregator scarcer than Bitcoin

The world’s leading crypto hedge fund – Polychain Capital, is adding $8.2 million investments into the Ethereum-based yield farming token, (YFI).

Led by Olaf Carlson-Wee, the founder of the first crypto billion hedge fund, bought 141 YFI this week, following up on its $4.7 million investment into last month.

READ: SEC proposes rules regulating Blockchain and Crypto investments

Data retrieved from Messari market analyst, Mason Nystrom, revealed Polychain Capital doubled down and purchased another 141 $YFI this week. Polychain is now the 10th largest holder with 470 YFI (~8.5m) or 1.6% of the total supply.

  • price at the time of writing this report traded at $16,820.11, with a daily trading volume of $627,073,571.
  • YFI price is down -0.3% in the last 24 hours. It has a circulating supply of 30 thousand coins and a max supply of 30 thousand coins.

READ: Crypto exchanges stop Ethereum withdrawals

What you should know

There are multiple protocols providing yield (returns) on the capital that you lend. These yields vary from one protocol to the next. YFI automates & optimizes lending such that you can earn maximum value on your capital without researching each and with the launch of the YFI governance token, assets under management skyrocketed from $10 million in mid-July to $830 million today. It has two major uses:

READ: U.S customers can now buy Cryptos with Paypal

Sigma Pensions
  • Lend your digital assets: Earn maximum interest among a pool of lending protocols such as Compound, Aave, et al.
  • Vaults: Lend your digital assets to yield farming strategists (think hedge fund managers), who deploy advanced strategies leveraging liquidity mining tokens to maximize returns.
  • Yearn Finance’s advantage over Bitcoin: With a mere 30k token supply making it more scarce than even Bitcoin, and a provably fair launch, $YFI is the hardest money the world has ever known.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment trading. Message Olumide on Twitter @tokunboadesina. He is a Member of the Chartered Financial Analyst Society.

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Unknown Bitcoin whale moves $714 million, Bitcoin stays above $60,000 mark

The flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion.



$700 million worth of Bitcoin moved by an unknown identity

Bitcoin whales are moving the vastly used treasury crypto in large amounts amid price volatility and bullish rush, as Bitcoin bulls regain control above the $60, 000 mark.

Data retrieved from BtcBlockBot an advanced crypto blockchain tracking and analytics firm, an anonymous cryptocurrency user revealed someone (possibly moved 11,901 BTC $714 million in block 678,688.

Whale alert! 🐋 Someone (possibly moved 11,901 BTC $714 million in block 678,688

READ: XRP surges by 150% in 7 days as Ripple posts early victories against SEC

The tracker further disclosed that the whale may have come from the world’s pioneer crypto exchange, Coinbase.

Nairametrics’ research has recently seen the surge in unknown crypto transactions involving Bitcoin, Ethereum, and other top crypto assets at levels not previously seen in the cryptoverse suggesting that more institutional players are getting into the game.

At the time of writing, the flagship crypto traded at $60,514.60 on the FTX exchange with a daily trading volume of $45.5 billion. Bitcoin is down 0.04% for the day.

Sigma Pensions

READ: Why Bitcoin is still going up

During bull trends in the cryptoverse, these large entities can take profit on their positions, especially if the futures market is overcrowded.

Wealthy investors reducing their crypto exposure to rebalance their portfolios can cause high price swings in the market, especially when accompanied by cascading liquidations.

However, recent data suggests otherwise as data retrieved from Glassnode points at entities holding more onto the world’s most popular crypto, rather than selling; as data shows Bitcoin balance on Crypto Exchanges just reached a 2-year low of 2,337,271.262 BTC.

A previous 2-year low of 2,338,724.621 BTC was observed on 08 April 2021.

Stanbic 728 x 90

READ: FG moves to recover N5.2 trillion debt owed by firms, individuals


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XRP surges by 150% in 7 days as Ripple posts early victories against SEC

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.



XRP, Ripple's co-founder earned $411 million from selling XRP in 2020

Amid the strong bullish rally at play in the cryptoverse, Ripple’s XRP looks to be leading the way with a push as it almost triples in value following a series of legal victories and social media rumours of relisting at some crypto exchanges like Coinbase.

This surge has pushed the fast-rising crypto into the top 5 cryptos by market value, behind only Bitcoin, Ethereum and Binance Coin.

At the time of writing this report, XRP traded at $1.47 with a daily trading volume of $29.3 billion. XRP is up 147% for the week with a current market value of about $67 billion.

READ: Why this unknown crypto with over 600% gain in 3 months, might still explode

The surge in this crypto asset is coming amid a lawsuit from the SEC which accused XRP’s $1.3 billion initial coin offering of being an “unregistered securities offering.” The allegation led most American crypto multiple exchanges to delist the crypto and XRP lost its place as the 3rd largest crypto by market value.

That being said, crypto traders appear to be backing the crypto asset amid credible reports suggesting that Ripple lawyers have posted two victories in their legal tussle against the powerful American regulator, including gaining access to internal Securities Exchange Commission discussion history regarding crypto assets.

READ: XRP stands firm, investors wait on Ripple’s legal outcome

What this means

Such access by Ripple’s lawyers to these records would offer them insights into why the Securities Exchange Commission has not deemed Bitcoin and Ethereum a security asset.

Sigma Pensions

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