YFI Up 86% Over Last Week as Institutional Money Flows Into DeFi: Report

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Wed, 11/11/2020 - 15:07
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Yuri Molchan
According to an analytics report, the YFI token has been up 86 percent over the past week due to the fact that institutional funds have been flowing into the DeFi space
YFI Up 86% Over Last Week as Institutional Money Flows Into DeFi: Report
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Intotheblock analytics provider has tweeted that the YFI token had benefited from the flow of institutional money into the DeFi space and seen a massive surge.

Yearn.finance has been up 86 percent over the past seven says with Polychain Capital allegedly acquiring a gargantuan amount of YFI during that period of time: $2 mln worth of it.

"Institutional money is refueling the rebound into DeFi"

The purchase of YFI by Polychain Capital was reported by Nansen, the analytics provider focused on Ethereum blockchain data; Nansen analyzed the address from which the funds were transferred.

Polychain Capital is a major crypto investment fund under the leadership of Olaf Carlson-Wee. Previously, between 2013 and 2016, he was the head of Risk and Product at Coinbase.

Sources say that Polychain acquired the weighty amount of YFI from Binance, which runs a very liquid market for YFI.

At press time, the DeFi token YFI is trading at $17,446. It has been surging to this price level since Nov. 5, when it was changing hands at $7,996, thus adding more than 100 percent to its exchange rate.

YFI
Image via CoinMarketCap

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Number of $100K transactions in DeFi soars

Intotheblock also reported that the amount of high-value transactions into DeFi has seen a substantial increase.

The company has been tracking on-chain transactions worth more than $100,000 and noticed a rise by 282 percent during the aforementioned period.

By Nov. 10, the total worth of these transfers into the DeFi space has reached a whopping $133.72 mln.

DeFi
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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.