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Yearn.finance (YFI) has begun to outperform despite weakness in small-cap altcoins. The leading cryptocurrency has rocketed higher 25% from the daily lows of $7,500 and now trades for $9,500 per : Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Yearn.finance (YFI) Explodes Higher

YFI’s ongoing move higher seems to be predicated on a short squeeze, on-chain data shows.

Crypto-asset analysts have noted that an on-chain YFI short holder, who obtained his position through Aave, has begun to buy back YFI to avoid liquidation. At the lows, his position was worth over $2.4 million, equivalent to around 300 coins at the time.

A short squeeze is likely taking place on centralized exchanges that support the Yearn.finance TradingView.com (YFIUSD).

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

The Y-Token Rally

The rally in the value of Yearn.finance (YFI) has spread to other Y-tokens—copycats of the 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing

Featured Image from Shutterstock
Price tags: YFIUSD, YFIBTC, YFIETH
Charts from TradingView.com
Yearn.finance (YFI) Explodes 25% In Three Hours as Short Squeeze Begins

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