Whales Bet Big On $AAVE With Massive Accumulation And Strategic Borrowing

A large whale is making bold moves in the $AAVE market, significantly increasing their holdings over the past 48 hours.

Nine hours ago, the whale purchased 31,173 $AAVE tokens, worth approximately $4.8 million, and deposited them into the Aave platform.

Following this, they borrowed 2.7 million $GHO from Aave, swapped it for $USDC, and deposited the $USDC into Coinbase to buy even more $AAVE.

A whale is going long on $AAVE.

The whale bought 31,173 $AAVE($4.8M) 9 hours ago and deposited it into #Aave.

Then he borrowed 2.7M $GHO from #Aave and swapped it to $USDC.

And deposited the $USDC into #Coinbase to buy more $AAVE.

Address:https://t.co/s8cD7dHTb5 pic.twitter.com/WuVkTIbj38

— Lookonchain (@lookonchain) October 13, 2024

Just three hours ago, the whale continued their buying spree, acquiring another 16,818 $AAVE tokens, worth $2.59 million. Once again, these tokens were deposited into Aave, followed by borrowing an additional 2 million $GHO, which was likely used to purchase more $AAVE. This whale has accumulated a total of 47,991 $AAVE tokens, valued at $7.45 million, in just two days, showcasing a strong conviction in the future of $AAVE.

The whale bought another 16,818 $AAVE($2.59M) 3 hours ago and deposited it into #Aave.

Then he borrowed 2M $GHO to buy more $AAVE.

This whale bought a total of 47,991 $AAVE($7.45M) in just 2 days.https://t.co/Aj7wIlf5SJ pic.twitter.com/gVPGFE8W6S

— Lookonchain (@lookonchain) October 14, 2024

This aggressive accumulation strategy highlights a growing trend among whales going long on $AAVE, leveraging Aave’s decentralized finance tools to increase their positions and maximize gains.

Meanwhile, Abraxas Capital Management has also been making strategic moves. They recently deposited $13 million USDC into Bybit. Prior to this, they staked $wstETH into Aave and borrowed the $USDC used for the deposit. These coordinated actions between whales and large capital managers signal a strong interest in the Aave ecosystem and broader DeFi space.

1 hour ago, #Abraxas_Capital_Management just deposited 13M $USDC into #Bybit.

Before that, he did staked $wstETH into #AAVE and borrowed those $USDC from it.

Address:https://t.co/IQbjaZ3737 pic.twitter.com/13Vf91Idtd

— The Data Nerd (@OnchainDataNerd) October 14, 2024

As $AAVE continues to attract whales, the market may see further upward pressure, driven by these sizable investments and the confidence of high-net-worth traders in decentralized finance protocols.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: skorzewiak/123RF // Image Effects by Colorcinch

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