Fenbushi Capital sells $5.14m in crypto assets at a loss

Fenbushi Capital, Asia’s first blockchain-focused venture capital investment firm, incurred losses after selling several cryptocurrencies.

On October 1, Lookonchain shared on-chain details showing that Fenbushi Capital had recently faced losses of up to 90% on some cryptocurrencies. The platform has now dumped more tokens with more losses.

Fenbushi Capital launches multiple coins

After seeing several tokens fall from all-time highs, the VC firm sold $5.14 million worth of digital assets at a loss. These assets include 219 Ethereum (ETH), valued at over $576,000; 136,094 units of EigenLayer (EIGEN) worth $514,000 and 146,537 units of Uniswap (UNI) worth $1.13 million.

Fenbushi’s dumping also included 10.1 million SNT valued at $244,000; 10,681 COMPs worth over $509,000 and over 11,600 Aaves (AAVE) worth $1.9 million.

The company also sold 344,086 SUSHI for $276,000, according to on-chain data from Arkham Intelligence; All of them made losses.

ETH and UNI are down since the beginning of the year highs

Most assets have been down since peaking in the 2021 bull cycle, recouping the gains seen last year after a rally in the first quarter of 2024.

ETH, for example, is down 48% from its all-time high and has been in trouble after falling above $3,500 in July this year. Despite the interest seen since the launch of Ether spot exchange-traded funds in July, selling through wallets affiliated with the Ethereum Foundation has not helped.

Uniswap has also lost over 80% since its all-time high and is significantly behind the March 2024 high of $15.40. The UNI token experienced a sharp decline earlier in the year when the decentralized exchange platform received a Wells Notice from the US Securities and Exchange Commission.

Another cryptocurrency that has experienced significant declines since its all-time highs and ever-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. But bulls struggled last week, with the DeFi token down nearly 10%.