According to on-chain data monitoring, a mysterious big whale completed an epic position adjustment within 24 hours—liquidating 300,662 UNI and 1,000 AAVE, and instead buying 2.31 million LDO for $3.11 million, and 1.21 million ENA for $922,700. This 'great reshuffle' involving over $6.5 million in funds instantly ignited market panic, leading to short-term crashes in UNI and AAVE, while LDO and ENA surged against the trend! This 'bull-bear showdown' led by big whales, is it a signal of value reassessment or the beginning of a new round of harvesting?

Big whales 'liquidate DeFi blue chips': UNI and AAVE are bloodied, is market confidence collapsing?

The UNI and AAVE that are being sold off can be regarded as 'cornerstone assets' in the DeFi field—UNI, as the governance token of Uniswap, controls the decision-making power of the world's largest DEX; AAVE is the leader in lending, consistently ranking in the top three in locked value. However, the crazy selling by big whales directly breaks through the psychological defense line of the market:

  • UNI's price plummeted 8% in 24 hours, dropping from $6.8 to $6.2, hitting a new low in nearly a month;

  • AAVE fared worse, with a decline of over 10%, falling from $31 to $27.8, forming a 'guillotine' pattern technically, with bear forces overwhelming.

What is the underlying logic?

  1. DeFi heat is fading: With the rise of Layer 2 scaling and modular blockchains, established protocols like Uniswap and Aave face a 'traffic diversion' crisis, with TVL continuously shrinking;

  2. Regulatory sword hanging high: The US SEC is conducting a 'carpet investigation' on DeFi, and the risk of UNI and AAVE being classified as 'securities' due to governance rights distribution has surged;

  3. Big whales cashing out: On-chain data shows that this address holds UNI and AAVE at a very low cost, and this sale directly locks in over $2 million in profit, clearly indicating the intention to secure gains.

LDO and ENA become the 'new favorites': Lido ecosystem explosion + ENA narrative frenzy, are big whales betting on the next hundredfold coin?

In stark contrast to the sell-off, big whales are 'violently building positions' in LDO and ENA:

  • LDO: As the leader in Ethereum staking, Lido occupies 32% of the staking market share, and its token LDO combines governance rights and staking revenue sharing. This time, big whales bought at $1.35, while institutions predict its target price could reach $5 by 2025;

  • ENA: As a 'synthetic dollar' protocol, ENA provides stablecoin yields through Delta-neutral strategies. Recently, it has reached strategic cooperation with Binance and Coinbase, leading to a surge in circulating supply after token unlocking, but big whales still dare to buy against the trend, possibly due to the dual support of 'Binance IEO concept + high-interest narrative.'

What's even more explosive is:

  • The Lido team seems to be 'cooperating in unloading': On-chain data shows that the Lido official wallet transferred 11.11 million LDO to exchanges in the past three days, accounting for 1.2% of the total circulation, possibly providing liquidity for big whales to take over;

  • ENA's unlocking period 'reverse operation': Although ENA will unlock 42.6% of its tokens in August, big whales chose to buy heavily on the eve of the unlocking, clearly betting that 'the selling pressure after unlocking will be absorbed by the market, and institutional funds will come in to drive the price up.'

Market impact: How do retail investors hedge in the escalating bull-bear battle?

This storm of big whales adjusting their positions has triggered a chain reaction:

  1. The DeFi sector collapses across the board: UNI and AAVE's plunge drives CRV, MKR, and other tokens down, with the DeFi index falling over 6% in 24 hours;

  2. Lido ecosystem 'vampire effect': The skyrocketing LDO attracts funds to flow out of other staking protocols (like RPL, SSV), creating a situation of 'the strong getting stronger';

  3. ENA becomes the 'new casino': The contract market's ENA holdings surged 300%, with a long-short ratio of 1.2:1, retail investors are frantically chasing the rise, but beware of the 'unlocking period dump' risk.

Personal opinion from Long Ge:

  • Short-term hedging: Investors holding UNI and AAVE are advised to set a 5% stop-loss line; if it falls below the previous low, exit immediately;

  • Swing trading opportunity: LDO can be bought on dips along the 5-day moving average, target price $1.8-$2, stop-loss at $1.2; ENA should wait for the unlocking period to observe market absorption; if trading volume does not decrease, one can take a small position to gamble.

  • Ultimate reminder: Whale operations often lead the market by 3-6 months. This adjustment may signal the 'end of the DeFi 1.0 era and the rise of the 2.0 narrative represented by Lido and Ethena.' Only by closely following fund flows can one survive until the end!

There are no eternal kings in the crypto circle, only eternal games! Every adjustment by the big whales is a 'vote' on market trends. The fall of UNI and AAVE and the rise of LDO and ENA essentially signifies 'the collapse of the old narrative and the emergence of a new story.' If retail investors want to survive in this bloody storm, they must: closely follow on-chain data, see through the intentions of funds, and strictly adhere to stop-loss discipline!#巨鲸

Don't wait until the contract blows up to remember me! Follow Long Ge, and next time I'll help you escape the peak three seconds in advance!