Yearn.finance (YFI) is erupting higher as Bitcoin pushes to new year-to-date highs. The : Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Yearn.finance Erupts Higher Amid DeFi Bull Run
What was impressive about this rally is that took place over the span of a few hours. At the turn of the day, YFI rocketed $4,000 higher within an hour, liquidating countless short position holders on margin exchanges such as Binance.
This came after a $1,000-1,500 rally that took place in an hour just hours before this latest leg higher.
“Lot of chatter about an alts carnage. Alts have shat the bed harder on $150 $BTC sneezes. Think it’s mostly a narrative desperately trying to be shoehorned in from those sidelined/underexposed. My pocket rockets, $YFI and $AAVE are up 3x & 2x since Initial Shill Offering.”
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
What’s Driving the YFI Rally?
Driving the YFI rally are fundamental developments, namely a growing amount of total locked value in Yearn’s yVaults and an increase in the yields offered by these products.
Due to a rally in the DeFi market, yields in the space have begun to increase as farming tokens like CRV rally and as there is more borrowing activity from larger players.
Yearn.finance’s yields have been rallying as a result, driving more cash flows to YFI holders.
Continued fundamental strength in all of DeFi should end up having a positive effect on YFI in particular. The 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: yfiusd, yfieth Charts from TradingView.com Yearn.finance (YFI) Explodes $4,000 Higher in An Hour: DeFi Bull Run