PANews reported on December 22 that on-chain analyst Yu Jin monitored that whales/institutions that spent 32.45 million USDC to purchase 8.917 million EIGEN at an average price of $3.64 through 21 addresses in October have begun to redeem EIGEN and sell it on the chain since last night.

Since 7pm last night, 4 addresses have redeemed 1,270,507 EIGEN ($5.02 million) from the EigenLayer staking contract and are selling them on the chain for ETH or USDC. 4 addresses have redeemed EIGEN and transferred them for sale. When EIGEN rose to $5.6 a few days ago, they made a profit of $17.65 million from these 8.917 million EIGEN. But now it has fallen back to near the cost line.