- Crypto hedge fund Polychain Capital purchased 141 YFI, adding $8.2 million of investment into Yearn.finance.
- Polychain is the 10th largest holder with 470 YFI.
- YFI price bounced back from its plummet.
Crypto hedge fund Polychain Capital has recently purchased $8.2 million worth of Yearn.finance (YFI), a popular Ethereum-based yield farming token.
Polychain Capital added 8.2M investment into YFI
CEO Olaf Carlson-Wee announced that they have purchased 141 YFI, adding $8.2 million investment into Yearn.finance. In addition, Olaf also bought $4.7 million worth of YFI last month.
Moreover, the crypto hedge fund is the first fund of Polychain Capital and invests in parallel with a venture capital arm. Currently, Polychain is the 10th biggest holder with 470 YFI (approx. 8.5 million) which means 1.6% of the total supply.
Polychain Capital doubled down and purchased another 141 $YFI this week.
— Mason Nystrom (@masonnystrom) November 11, 2020
YFI bounces back from its plummet
Furthermore, YFI showed tremendous growth in the crypto space in recent months. Its crypto hype made many people invest in it. According to CoinGecko, YFI price is at $18,120 with a 24-hour volume of over $413 billion, at the time of writing.
Further, YFI’s total market capitalization currently stands at over $542 million from a high of $1.27 billion in September. In addition, YFI reached an all-time high surpassing over $40,000 in the said month. This ATH has outpaced Bitcoin’s $20,000 peak price in December 2017.
In spite of this, YFI saw a plummet due to the Bitcoin market’s recent boom. However, YFI started to recover slowly from the past two-month loss. The recovery makes YFI investors happy and expectant of huge returns in the future.