- Aave fell over 10% in 24 hours while most major cryptocurrencies traded higher.
- A large wallet sold 230,350 AAVE at a loss, triggering sharp selling pressure.
- OxDDC4 wallet bought 9,629 AAVE and has an unrealized loss of $4.15M.
The broader cryptocurrency market showed early signs of recovery, with Bitcoin and most of the top 10 digital assets trading slightly higher as investors attempted to recoup recent losses.
Aave (AAVE), however, moved sharply in the opposite direction. It fell more than 10% in the past 24 hours, making it one of the worst-performing major tokens during the session. The token is currently trading around $155.
Whale Sale Triggers Sharp Decline
On-chain data shows that a large holder, identified as wallet 0xa923, sold 230,350 AAVE, worth roughly $37.8 million, over the past four hours.
The tokens were exchanged for 5,869 stETH valued at about $17.62 million and 228 WBTC worth roughly $20.2 million. The transaction was executed at a loss, estimated at around $13.75 million.
The sale added heavy selling pressure to the market and coincided with the 10% drop in AAVE’s price.
Large Wallet Swaps ETH For AAVE
In another update, a large wallet labeled 0xDDC4 became active after six months, using 500 ETH (about $1.53 million) to buy 9,629 AAVE. Over the past year, the same whale has accumulated 39,213 AAVE worth roughly $6.2 million at an average price of $264, and is currently holding an unrealized loss of about $4.15 million.
AAVE Price Keeps Dropping
At the time of writing, AAVE has continued its decline and is now trading near $155, moving into an important demand zone between $155 and $150.
If the price fails to hold above $150, it could fall further toward the $140 level, where stronger buying interest previously appeared. On the upside, AAVE is likely to face limited recovery unless it can move back above $175.
Related: Token Unlocks of the Upcoming Week: $270M in Altcoins to Hit the Market
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Source: https://coinedition.com/aave-falls-despite-broader-crypto-market-recovery/