🌎 Fenbushi Capital Suffers Major Losses in Cryptocurrency Sell-Off

Fenbushi Capital Faces Significant Losses After Cryptocurrency Sales

Fenbushi Capital, Asia’s pioneering blockchain-focused venture capital investment firm, has recently experienced substantial losses after offloading several cryptocurrencies. On October 1, on-chain data revealed that Fenbushi Capital faced losses of up to 90% on some assets. The venture capital firm has now sold more tokens at a further loss.

Fenbushi Capital’s Cryptocurrency Sell-Off

After witnessing a significant decline in the value of several tokens from their all-time highs, Fenbushi Capital sold $5.14 million worth of digital assets at a loss. These assets included:

219 Ethereum (ETH) valued at over $576,000
136,094 EigenLayer (EIGEN) worth $514,000
146,537 Uniswap (UNI) valued at more than $1.13 million
10.1 million Status Network Token (SNT) worth $244,000
10,681 Compound (COMP) valued at over $509,000
11,600 Aave (AAVE) valued at $1.9 million
344,086 SushiSwap (SUSHI) for $276,000

All these sales were executed at a loss, as indicated by on-chain data from Arkham Intelligence.

Decline in Major Cryptocurrencies

Most of these assets have significantly declined since reaching their peaks during the 2021 bull cycle, and they have not recovered the gains seen in the past year following the surge in Q1 2024.

Ethereum (ETH)

Ethereum (ETH) is down 48% from its all-time high and has struggled after dipping below $3,500 in July this year. The selling pressure from wallets linked to the Ethereum Foundation has not helped, despite the increased interest following the launch of Ether spot exchange-traded funds in July.

Uniswap (UNI)

Uniswap (UNI) has dropped over 80% since its all-time high and is significantly lower than its March 2024 high of $15.40. The UNI token experienced a sharp decline earlier in the year when the decentralized exchange platform received a Wells Notice from the U.S. Securities and Exchange Commission.

Aave (AAVE)

Aave (AAVE), a significant player in the decentralized finance (DeFi) ecosystem, has also seen substantial declines. Its native token AAVE recently reached highs last seen in May 2022. However, the bulls have struggled over the past week, with the DeFi token down nearly 10%.