YFI: possible capitulation event

In December 2021 crypto twitter was teasing YFI holders with stuff like"look, now I can buy a whole YFI for just 18k dollarinos". Now you can buy not one but two whole YFI for the same price. Let's see what happened!

1) Social sentiment (anecdotal)

I personally have been observing lots of negative talk related to YFI, like "it's dead, devs are leaving the project" etc. Usually it's a good sign, but it's only my personal observation. If you have different experiences, please let me know in the comments.

2) Age consumed

It shows a strong spike after an almost 50% decline in price in just 2 weeks. Can be a sign of capitulation from old holders. But the long-term downtrend in ETH terms is of a concern.

3) Address activity

Address activity is declining, the recent price drop didn't create as much of it as previous price extremums.


Both short and long term holders are deep in the red.

5) Development activity

This is where you can clearly see that "devs leaving" is just FUD, the activity is strong and only trending upwards.

6) Social volume

Social volume has declined significantly, almost nobody is talking about this project.

7) Transaction volume

If you inspect the top transactions on Sanbase, you will see that the spike on May 13th was almost exclusively withdrawals/repayments on AAVE and deposits to Coinbase and FTX.

8)Whale holdings

Large wallets are accumulating aggressively. But it's possible that those are exchange wallets to which the coins were deposited.

In conclusion, YFI seems to be flying under the radars for the most crypto market participants right now. It's being developed actively at the same time. Many long term holders seem to have capitulated during this harsh price action. Of course, YFI can get dragged down by the general market conditions, so waiting for some kind of accumulation pattern would be the safe play. But the project is not dead for sure.

PS: all of it is just my personal opinion and not financial advice. Good luck to all of you out there!

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