On-Chain Alert: AAVE Drops 12% After Whale Sell-Off 🐋

On-chain analyst Ember reported that a major AAVE whale triggered today’s price drop by selling 230,000 AAVE, worth about $38 million.

The address is the second-largest AAVE holder on-chain.

The whale swapped all AAVE into 227.8 WBTC and 5,869.4 stETH between 5:40 and 7:05 AM.

The tokens were accumulated at an average price of $223.4 and sold near $165, realizing an estimated $13.45 million loss.

Following the dip, a top long whale on Hyperliquid saw unrealized losses expand to 176%.

The position averages $189, with a size of roughly $1.2 million, opened on November 16.

Market pressure intensified ahead of a community vote by Aave on an ARFC proposal to transfer brand asset control to token holders.

The vote opens on Snapshot tomorrow at 10:40 and runs through December 26, prompting short-term repricing by the market.