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
