Prolific and active cryptocurrency traders are selling ApeCoin (APE) holdings, according to data from blockchain analytics firm Nansen. So what do they get instead? The data shows that traders are stocking Aave’s aSTETH. Here are the details…
Smart coin comes out of ApeCoin (APE)
In the last 24 hours, more than any other token tracked by the firm, from wallets that Nansen has classified as “smart money” 1.28 Millions of dollars worth of APE flowed. Typically, exits herald a decline in asset prices. As we reported on Kriptokoin.com, APE prices have dropped by 16.8% in the last 24 hours following the public launch of the “Otherside” metaverse project, Yuga Labs’ largest non-fungal token (NFT) product launch.
Yuga Labs, best known for creating the Bored Apes Yacht Club (BAYC) NFT collection, an ERC-20 governance and utility token used for the ApeCoin decentralized autonomous organization (DAO) launched ApeCoin. Each “Otherdeed” NFT representing a title deed of virtual land in the “Otherside” metaverse is offered for sale at a fixed price of 305 APE. Among the NFTs, Otherdeed was the most actively traded collection in the last 24 hours.
Coins flowed into aSTETH
During the same 24-hour period, roughly $0.8 million worth of aSTETH flowed into Nansen-tracked tokens. This amount represents the most inflows to smart money wallets over the past day. As reported, entries are considered a bullish signal, but the value of aSTETH maintains the same price level as Ethereum (ETH).
aSTETH is the yield token for stETH or Staked Ethereum on Lido, Aave’s leading liquid staking solution. While Curve has the largest pool of stETH with a total value locked in at $4.7 billion, Aave is another major platform for stETH with a total stETH supply of $3.01 billion. ASTETH’s smart money flows reinforce the popular narrative that staked ETH can be an ideal investment avenue for large institutional investors.
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