Major AAVE Whale Admits Loss, Sells All His Coins: 3.5-Year Wait Is Inconclusive
As altcoins, which failed to keep up with Bitcoin’s 2024 surge, continued to lose value during yesterday’s market dips, an AAVE whale sold the 3.5-year wait at a loss. The whale lost his entire $4 million investment.
While the crypto world was expecting the Fed to start cutting interest rates as soon as possible, September started off with a downturn, as statistics show. While Bitcoin fell below $56,000 last night, the altcoin collapse was also much larger.
The market cap of the altcoin index, known as TOTAL3, which excludes Bitcoin, Ethereum, and stablecoins, fell to $540 billion.
The whale couldn’t take it and sold it
An investor who received over $4 million worth of AAVE during the bullish periods of 2021 sold with big losses at the end of his 3.5-year wait.
According to information provided by the on-chain tracking platform Lookonchain, the investor, who owned 17,447 AAV worth $2.1 million, sold all of these tokens that he had purchased in March and July 2021. The total loss amounted to $2.14 million.
While the whale’s average is around $246, the current price of AAVE is $129. AAVE, one of the largest and most widely used DeFi tokens, fell to $50 during the crypto winter of 2022.
