A whale/institution redeemed about 1.27 million EIGEN from the EigenLayer staking contract since 7pm last night and sold it on the chain

blockchain analyst Yu Jin monitored that in October, whales/institutions purchased 8.917 million EIGEN at an average price of $3.64 for a total of $32.45 million USD through 21 addresses. Since last night, they have started to redeem and sell EIGEN on the chain.

Since 7 pm last night, four addresses have redeemed 1,270,507 EIGEN ($5.02 million) from the EigenLayer staking contract and are currently selling them on the chain for ETH or USDC.

A few days ago, when EIGEN reached a high of $5.6, their 8.917 million EIGEN had a floating profit of $17.65 million, but now it has fallen back to the cost line.