A crypto trader made $427,000 in profit in one month after buying the native tokens of major decentralized finance (DeFi) projects including UNI from Uniswap, LDO from Lido and AAVE from Aave.
According Search on the channelthe trader made these profits without trading memecoins by simply capitalizing on the rise in crypto assets over the past month.
Crypto Trader makes 40% profit in 30 days
By using the Ox123d address, the merchant spent $942,000 to buy 71,891 UNI at $4.34, 6,371 AAVE at $50 and 189,255 LDO at $1.64 on June 16.
As of July 15, UNI's price had reached $5.85, while AAVE was worth $79 and LDO was trading at $2.37. This means the trader made a 40% gain on his trades, selling all the tokens for $1.37 million.
While this trade is a perfect example of smart money moves, it also highlights the performance of DeFi tokens over the past 30 days. On July 10, blockchain analytics firm Kaiko reported that top-notch DeFi tokens had performed phenomenally over the past month.
The Crypto Market Maintains a Positive Outlook Over the Past Month
However, this positive price performance was not limited to DeFi tokens alone, as the broader crypto market also rallied during this period. According to data from BeInCrypto, the two major flagship digital assets, Bitcoin and Ethereum, reached their yearly highs during this period.
Meanwhile, several mid-cap digital assets like Bitcoin Cash, Solana and others have also seen their value surge into uncharted territories. During the period, the market capitalization of all cryptoassets grew by 17% to $1.18 trillion at the time of writing, according to data from Tradingview.
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This positive price performance is not entirely surprising given the many positive developments in the crypto industry over the past 30 days.
Towards the end of June, several traditional financial institutions, led by BlackRock, applied for a spot Bitcoin exchange-traded fund (ETF). Around this time, an institution-facing crypto exchange, EDX Markets, backed by Wall Street giants, began operations.
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The positive market sentiment continued in July, with crypto payments company Ripple winning a significant victory against the U.S. Securities and Exchange Commission (SEC) over its classification of XRP as a security.
However, the momentum cooled as the market saw slight declines over the past two days. Still, most digital assets remain green due to their positive performance over the past 30 days.
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