The post Fenbushi Capital took losses on previously hot positions appeared on BitcoinEthereumNews.com.

Fenbushi Capital, a highly active Tier-2 fund, divested some of its positions at a loss. The recent token transfers to Binance affected previously hot positions, which in some cases are down up to 90%.  Fenbushi Capital, the Chinese investment fund with a global foothold, divested some of its positions with transfers to Binance. The fund, which has joined a total of 144 deals in the crypto space, continues to support new startups. For older tokens, however, Fenbushi has shown readiness to take a loss.  Fenbushi Capital divested several high-profile tokens from its portfolio, including AAVE, COMP, and UNI. | Source: Arkham Intelligence The deepest loss for Fenbushi was for SushiSwap, down around $2.4M or 90% of the investment. The fund also sold Compound (COMP) at an 82% loss. The fund also shed Aave (AAVE) just as the asset corrected from the $160 range down to $146. AAVE was seen as one of the most promising DeFi tokens in 2024, which outperformed other assets. The fund divested all AAVE, leaving only a dust amount of COMP, UNI, and other altcoins and tokens. After the recent selling, Fenbushi Capital still holds a varied portfolio of altcoins and tokens. The known wallets hold $3.8M in crypto and stablecoins, including more than 22K ETH.  Fenbushi Capital divests EIGEN tokens Fenbushi Capital also followed the lead of other whales and immediately sent its EIGEN token allocation for trading. The fund sold 136,094 EIGEN tokens, valued at above $500K.  The fund had a relatively low valuation, at least in comparison to another whale, known as @GiganticRebirth. The recipient of EIGEN consolidated seven airdrop wallets holding 253,946 EIGEN, valued above $1M.  The sale is still smaller than the allocation of TRON’s founder, Justin Sun. Through staking and early support for EigenLayer, Sun received an airdrop of 5.24M…

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Filed under: News - @ October 1, 2024 8:17 pm