Fenbushi Capital sells $5.14m in crypto assets at a loss
Fenbushi Capital, Asia’s first blockchain-focused venture capital investment firm, has incurred losses after selling several cryptocurrencies.
On Oct. 1, Lookonchain shared on-chain details showing that Fenbushi Capital had recently faced losses of up to 90% in some coins. The platform has now offloaded more tokens at a further loss.
Fenbushi Capital dumps multiple coins
After seeing several tokens decline from their all-time highs, the VC firm sold $5.14 million worth of digital assets at a loss. These assets included 219 Ethereum (ETH) worth over $576,000; 136,094 of EigenLayer (EIGEN) worth $514,000 and over 146,537 Uniswap (UNI) valued at more than $1.13 million.
Fenbushi’s dumping also included 10.1 million SNT worth $244,000; 10,681 COMP valued at over $509,000 and more than 11,600 Aave (AAVE) valued at $1.9 million.
The company also sold 344,086 SUSHI for $276,000—all of which were at a loss, as on-chain data from Arkham Intelligence shows.
ETH, UNI tokens down since year-to-date highs
Most of the assets are down since hitting their peak during the 2021 bull cycle and have pared gains seen in the past year following the surge in Q1 2024.
ETH, for example, is down 48% from its all-time peak and has struggled after dipping from above $3,500 in July this year. Selling by wallets linked to the Ethereum Foundation has not helped, despite the interest seen since the launch of Ether spot exchange-traded funds in July.
Uniswap has also shed over 80% since its all-time high and is significantly off its March 2024 high of $15.40. The UNI token fell sharply earlier in the year when the decentralized exchange platform received a Wells Notice from the U.S. Securities and Exchange Commission.
Another cryptocurrency that has seen substantial declines since its all-time high and year-to-date highs is Aave.
The decentralized money market platform is a major player in the decentralized finance ecosystem. Its native token AAVE recently reached highs last seen in May 2022. However, bulls have struggled over the past week, with the DeFi token down nearly 10%.