Key Insights:
- Whale 0xF436 withdrew 167,451 AAVE worth $53.65M, reducing available exchange supply.
- Exchange reserves fell from 2.42M to 2.33M AAVE, signaling accumulation and declining sell pressure.
- Balanced liquidations and rising open interest highlight growing leverage, leaving AAVE vulnerable to volatility.
Aave (AAVE) has seen a surge in large withdrawals after a whale wallet moved 167,451 tokens worth $53.65 million over the past week. Lookonchain reported that the address 0xF436 has been consistently transferring tokens out of centralized exchanges. The most recent withdrawal was 25,097 AAVE, valued at $7.9 million.
These transactions were spread across Binance, OKX, Kraken, Bybit, and Gate.io. Records show three structured withdrawals from Binance, each involving 18,669 AAVE, worth about $5.87 million per transfer. Other exchanges logged movements ranging from $774,000 to $1.4 million, pointing to steady off-exchange accumulation.
Exchange Netflow Patterns
Data shows that AAVE’s exchange netflow fluctuated through August. On August 22, inflows above 50,000 AAVE coincided with the token’s peak near $360. This suggested increased selling activity. Afterward, late August into early September saw consistent outflows as tokens left exchanges.
Despite the withdrawals, the price fell sharply from $360 to about $260 before recovering to $325. The steady outflows align with accumulation behavior, but price support has remained weak.
Exchange Reserves Decline
Exchange reserve data shows holdings were stable near 2.42 million AAVE during early August. Reserves then dropped quickly in late August. By early September, balances fell to around 2.33 million tokens.
This decline reflects heavy withdrawals tied to whale activity. Lower reserves reduce available supply on exchanges, though the price has yet to show a strong recovery, holding steady near $325 after the recent fall.
Liquidations and Market Activity
Liquidation records show both sides of the market under pressure. Shorts recorded $122,880 in liquidations, while longs totaled $125,770. These balanced figures reflect volatility with no clear dominance from buyers or sellers.
Trading activity has grown, with daily volume at $484.6 million. Open interest rose 8% to $588.6 million, pointing to more leveraged positions. Such conditions leave the market prone to larger liquidation events if volatility rises further.
AAVE trades at $324.99 today, up 6% in the past 24 hours. Over the past week, the token is down 1%. Shrinking exchange reserves and whale withdrawals remain the key trends that traders are monitoring.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Source: https://coincu.com/analysis/whale-pulls-53m-in-aave/