On August 11, on-chain data monitoring showed that a cryptocurrency whale completed a series of precise operations within 24 hours: liquidated 300,000 UNI and 1,000 AAVE, cashing out approximately $3.5 million, and then fully bought 2.31 million LDO and 1.21 million ENA. This operation not only achieved a short-term profit of $895,000 but also revealed the whale's latest layout logic in the decentralized finance (DeFi) track, which is worth paying attention to for ordinary investors.
1. Rebalancing details: Precise timing, balancing returns and layout.
1. Liquidation action: Lock in profits and exit decisively.
This whale sold 300,662 UNI at an average price of about $10.6, exchanging for 756 WETH (approximately $3.19 million), earning $895,000 compared to its entry cost (approximately $7.4 in Q3 2024), with a yield of 43%; at the same time, it sold 1,000 AAVE at an average price of $307.6, cashing out 72 WETH (approximately $307,600). Although the entry cost was not disclosed, based on AAVE's recent trading range (between $280-350), it is speculated to be a slight profit exit.
2. Positioning action: Focus on narrative and bet on growth.
Purchased 2.31 million LDO at an average price of $1.35, costing 738.85 WETH (approximately $3.11 million), accounting for 77% of the rebalancing funds.
Bought 1.21 million ENA at an average price of $0.76, spending 220 WETH (approximately $922,700), accounting for 23%.
From the position allocation, the whale clearly favors LDO, which is closely related to the underlying Ethereum staking ecological narrative—Lido (LDO) is the largest Ethereum staking service provider, currently managing about 1.8 million ETH, accounting for 31% of the total staked amount. With the normalization of staking withdrawals following Ethereum's Shanghai upgrade, its fee income shows a steady growth trend.
2. Rebalancing logic: Shift from 'mature tracks' to 'growth tracks'.
1. Selling UNI and AAVE: Avoiding valuation bottlenecks.
UNI (Uniswap) and AAVE are the leaders of the DeFi 1.0 era. Although their ecosystems are mature, growth has slowed.
The daily trading volume of Uniswap has dropped from its peak of $3 billion in 2021 to the current $500 million to $800 million, with a token inflation rate maintained above 5%, leading to a decrease in valuation cost-effectiveness.
As the leader in lending, AAVE's total value locked (TVL) has remained stable at around $5 billion over the past six months, lacking breakthrough growth momentum, and the market's valuation premium is gradually narrowing.
The whale's exit at this time may indicate that these two coins have entered the 'mature phase fluctuation' stage, with limited excess return potential.
2. Buy LDO: Bet on staking ecological dividends.
The core logic of LDO lies in the continuous penetration of Ethereum staking.
The current Ethereum staking rate is about 22%, which still has significant room for improvement compared to Bitcoin (70%+). Lido, as a leading service provider, directly benefits from this.
In the past 30 days, Lido added 52,000 staked ETH. Based on the current annualized yield of 4.2%, annual fee income is approximately $35 million. Corresponding to LDO's current market value (about $1.2 billion), the price-to-earnings ratio is only 34 times, which is lower than the DeFi average level.
3. Position ENA: Small position betting on new narratives.
ENA (Ethena), as an emerging stablecoin protocol, emphasizes the concept of 'decentralized dollar stablecoin'. Its innovative 'shorting ETH hedging method' allowed its stablecoin USDe to surpass $1 billion in scale within two months of launch, rapidly increasing market attention. The whale's small position entry may indicate a potential explosive opportunity in the stablecoin track.
3. Insights for ordinary investors: Don't blindly follow the crowd, but understand the logic.
1. Beware of 'whale worship': Different operation cycles.
Whales often rebalance based on medium to long-term layouts (this time the UNI holding period was about 10 months). Ordinary investors may get washed out due to volatility if they follow short-term trends. For example, LDO has short-term resistance around $1.35, so chasing high should be done cautiously.
2. Focus on underlying logic: Narrative > Price.
The whale's choice of LDO over UNI essentially bets on the 'increased Ethereum staking penetration' being stronger than 'traditional DEX trading volume rebound'. A lesson for ordinary investors is that in the DeFi space, choosing coins with 'clear growth drivers' (like LDO's staking volume growth) is more effective than chasing the 'historical leader halo'.
3. Position management: Mimic diversified thinking.
The whale allocated 77% of its position to the relatively certain LDO and 23% to the high-growth ENA. This 'core + satellite' configuration model controls risk while preserving explosive opportunities, which is worth learning for small and medium investors.
Every major move by on-chain whales serves as a barometer for market sentiment and capital flows. However, what truly matters is not following the trend, but understanding the underlying track analysis logic—shifting from mature leaders to growth targets, from existing battles to incremental markets, which may be an important earning clue in the current crypto market.
