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Whale Swaps $50 Million in Stablecoins for Just $36,000 of AAVE

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Etherscan Transactions

The massive transaction routed through CowSwap on Ethereum resulted in a 99.9% loss.

The decentralized finance (DeFi) community is buzzing after an unidentified wallet swapped $50.4 million in USDT for just $36,000 worth of AAVE tokens.

Etherscan data shows that the wallet received 50.4 million USDT from Binance 20 days ago. Roughly two hours ago, the user deposited the stablecoins on Aave, DeFi’s largest lending protocol and attempted to swap their position for AAVE tokens.

Etherscan Transactions
Etherscan Transactions

Transaction logs show that the user placed an order via CoW Protocol, which is integrated in the Aave interface, to swap roughly 50.43M aEthUSDT for aEthAAVE. A CoW solver picked up the order and executed it through this routing:

  • aEthUSDT to USDT: The solver burned 50.43M aEthUSDT via Aave V3, withdrawing 50.43M USDT.
  • USDT to WETH via Uniswap V3: 50.43M USDT went into the Uniswap V3 USDT/WETH pool and came out as 17,958 WETH. At $2,050/ETH, $50.4M should yield roughly 24,600 WETH. That’s roughly $13.6 million lost to slippage at the Uniswap step alone.
  • WETH to AAVE via SushiSwap: Here’s where it gets catastrophic. The SushiSwap AAVE/WETH pool currently has only about $73,000 in total liquidity. The solver pushed 17,958 WETH through this tiny pool and got back only 331 AAVE, worth $36,400. That’s effectively 99.9% slippage.
  • AAVE to aEthAAVE via Aave deposit: 331 AAVE was deposited back into Aave V3, minting 327 aEthAAVE, which was delivered to the trader.

Aave founder Stani Kulechov said the user confirmed the trade despite being warned of “extraordinary slippage” by the Aave interface.

“We sympathize with the user and will try to make contact with the user, and we will return $600K in fees collected from the transaction,” he added.

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Crypto World

Cartesi price jumps over 100% as it hits Stage 2 security status, can it go higher?

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Cartesi price has broken out of a descending parallel channel pattern on the daily chart.

Cartesi token soared over 100% to a 3-month high of $0.049 on Friday. Will the Layer 2 token edge higher over the coming sessions, or will it succumb to profit-taking?

Summary

  • Cartesi price surged over 100% to a three-month high amid a sharp rise in trading volume and a short squeeze.
  • The rally was driven by progress toward L2BEAT Stage 2 status and growing developer activity around Cartesi Machine deployments.
  • Technical indicators show overbought conditions and profit-taking signals, with CTSI price at risk of a pullback toward $0.030 support.

According to data from crypto.news, Cartesi (CTSI) price rallied nearly 110% to $0.049 on Friday, reaching its highest level since November 2022.

The rally came in a high-volume trading environment. In the past 24 hours,  the daily trading volume of Cartesi rose 1,260%, suggesting a sharp rise in demand from traders that likely buoyed the token toward its highs today.

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There are three main reasons why Cartesi price broke out today.

First, Cartesi’s Permissionless Refereed Tournament fraud-proof system is reportedly nearing the Stage 2 classification by L2BEAT. This milestone would rank it among the most secure and decentralized Layer 2 scaling solutions, setting it apart from competitors that still rely on permissioned validators.

Second, the project’s recent initiative to ship high-throughput applications reached critical implementation deadlines in April. Tangible developer interest in the Cartesi Machine, which allows decentralized apps to run on Linux, is finally translating from theoretical potential into live deployments.

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Third, after months of trading in a narrow range of $0.02 to $0.025, the sudden break above long-term resistance triggered a volatility spike. This caused a short squeeze, forcing bearish traders to buy back their positions and further fueling the massive gains seen today.

On the daily chart, Cartesi price has broken out of a multi-month descending parallel channel pattern, a sign that bulls have finally gained control of the market. It has already attained the target level from the breakout, suggesting there could be some selloff on the horizon.

Cartesi price has broken out of a descending parallel channel pattern on the daily chart.
Cartesi price has broken out of a descending parallel channel pattern on the daily chart — April 3 | Source: crypto.news

Such selloff risks also come as the relative strength index has crossed the overbought threshold. Crypto rallies often face some pullback when this metric hits an overbought state.

Additionally, the Chaikin Money Flow index showed a negative reading, a sign that investors have started to rotate capital or take profits at these higher levels.

Hence, the Cartesi token could likely retest its immediate support of $0.030 before its next leg higher.

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Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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Cathie Wood Sees No More 85% Bitcoin Price Drawdowns Versus All-Time Highs

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Cathie Wood Sees No More 85% Bitcoin Price Drawdowns Versus All-Time Highs

Bitcoin (BTC) is “done” with drawdowns of 85% or more from all-time highs, says ARK Invest CEO, Cathie Wood.

Key points:

  • Bitcoin will not see another correction of 85% or more versus its latest all-time high, Cathie Wood argues.

  • A new prediction sees $34,000 becoming the next BTC price bottom.

  • Bitcoin bear-market seasonality hints that a reversal could come this month.

Wood on BTC price: No more 85% “collapses”

In an interview with CNBC’s Squawk Box segment on April 1, Wood stayed calm about double-digit BTC price losses.

“Believe it or not, in the Bitcoin community, down 50% — if that’s as far as it goes — they’ll consider that a real victory,” she said.

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“Because you’re right; the 85-95% collapses associated with a very new technology — that’s done. This is a proven technology, it’s a proven monetary system and it’s a new asset class.”

Wood, a longtime Bitcoin bull, was speaking as Bitcoin circled its old $69,000 all-time highs from 2021.

Those preceded a year-long bear market in which BTC/USD lost nearly 80% before bottoming at $15,600. That marked the latest such correction, with bear markets typically bringing losses around the 80% mark.

Data from onchain analytics platform Glassnode shows that the current bear market has yet to match historical patterns with maximum downside versus Bitcoin’s $126,200 record from October 2025 at 52%.

BTC price drawdowns from all-time highs. Source: Glassnode

Responding to Wood, analyst Tony Severino predicted that 2026 would bring a price bottom equal to a 72% drawdown.

“Correct, -72% max drawdown next =$34,000,” he wrote on X.

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That figure exceeds commonly held predictions by traders for where Bitcoin’s next generational floor will be. As Cointelegraph reported, consensus favors the area between $40,000 and $50,000.

This week, however, Bloomberg Intelligence analyst Mike McGlone warned that price may already be trending toward seven-year lows

Bitcoin historically rebounds in April

Continuing the bear-market comparison, data from network economist Timothy Peterson revealed that April could mark some form of inflection point for price.

Related: Bitcoin risks new lows as US dollar targets highest level since April 2025

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A chart uploaded to X this week shows April typically being a recovery month during bearish phases. 

Bitcoin bear-market price comparison. Source: Timothy Peterson/X

The March monthly close, meanwhile, ended a five-month losing streak for BTC/USD with modest gains of 1.8%.