Fenbushi Capital Dumps Multiple Coins After Incurring Losses of Up to 90% on Some Coins

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

Fenbushi Capital, a venture capital firm focused on blockchain technology in Asia, has sold several cryptocurrencies at a loss, with some coins showing a 90% decline in value.

According to on-chain details shared by Lookonchain on Oct. 1, Fenbushi Capital recently incurred losses of up to 90% on some coins. The platform has now offloaded more tokens at a further loss.

VC firm sells $5.14 million in digital assets at a loss

Fenbushi Capital sold digital assets worth $5.14 million at a loss as several tokens declined from their all-time highs. The assets sold by the VC firm include 219 Ethereum (ETH) for over $576,000, 136,094 EigenLayer (EIGEN) for $514,000, and over 146,537 Uniswap (UNI) valued at more than $1.13 million.

Fenbushi also sold 10.1 million Status (SNT) for $244,000, 10,681 Compound (COMP) for over $509,000, and 11,600 Aave (AAVE) for more than $1.9 million. Furthermore, the company sold 344,086 Sushi (SUSHI) at a loss, according to on-chain data from Arkham Intelligence.

ETH, UNI down from year-to-date highs

Most of the assets sold by Fenbushi Capital are down since hitting their peak during the 2021 bull cycle and have pared gains seen in the past year following the surge in Q1 2024.

Ethereum, for instance, is down 48% from its all-time peak and has faced selling pressure after dipping from above $3,500 in July this year. Selling by wallets linked to the Ethereum Foundation has not helped, despite interest seen since the launch of Ether spot exchange-traded funds in July.

Uniswap has also shed over 80% since its all-time high and is significantly off its March 2024 high of $15.40. The UNI token fell sharply earlier in the year when the decentralized exchange platform received a Wells Notice from the U.S. Securities and Exchange Commission.

Another cryptocurrency that has seen substantial declines from its all-time high and year-to-date 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. However bulls have faced selling pressure over the past week, with the DeFi token down nearly 10%.

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