Back

Multicoin Capital Reportedly Buys $51.3M in AAVE After Market Crash

Multicoin Capital's acquisition of 210,000 AAVE tokens after a significant market dip highlights strategic asset positioning, with the tokens transferred through Galaxy Digital’s OTC wallet.

AAVE

Summary

Multicoin Capital acquired 210,000 AAVE tokens, worth approximately $51.32 million, transferred from major exchanges like Binance, OKX, and Bybit to Galaxy Digital’s OTC wallet, then moved to an address identified as belonging to the firm. This acquisition follows a market downturn, signaling a potential strategic move to strengthen their position in AAVE.

Terms & Concepts
  • On-chain Analysis: The process of examining blockchain transaction data to track and analyze asset movements and identify patterns or activities.
  • AAVE: A decentralized finance (DeFi) protocol for lending and borrowing cryptocurrency, also the name of its native governance token.
  • OTC Wallet: A cryptocurrency wallet used for over-the-counter trades, typically involving large transactions outside standard exchange order books.