A crypto whale has gained a significant attention with continuous deposits of $AAVE to the crypto exchange FalconX. As per Spot On Chain, the crypto whale is continuously depositing huge amounts of $AAVE to FalconX, with profit nearing up to $12.7M. The on-chain analytics platform disclosed this development on its official X account.
Whale Offloads $AAVE Holdings in Big Amounts to FalconX, Raising Speculation
Based on Spot On Chain’s data, the whale recently deposited up to 30,001 $AAVE to the crypto exchange. This figure accounts for $5.01M in terms of value. This deposit comes after a series of transfers that have witnessed the offloading of almost 73,501 $AAVE into FalconX. Hence, these sell-offs, equaling $12.51M, account for a per-token $170.13 average price.
Despite Major Sell-Offs, Whale Still Holds 37,425 $AAVE
Irrespective of these huge deposits, the crypto whale still possesses a substantial $AAVE reserve. The updated statistics reveal that the whale even now retains 37,425 $AAVE tokens, signifying a value of nearly $6.23M. At the moment, the whale’s cumulative profit stands at $12.46M, highlighting a staggering 87% surge. In line with these statistics, the whale has shown a considerably profitable strategy within the $AAVE market.
Large-Scale $AAVE Offloading Underscores Potential Portfolio Reallocation or Profit Taking
According to Spot On Chain, the latest $AAVE deposit takes place after another transaction comprising 43,500 $AAVE ($7.48M). Following this, the recent deposit has further decreased the $AAVE holdings of the crypto whale. This move could be a part of a likely portfolio reallocation or profit-taking strategy. Such notable deposits by crypto whales often influence the wider market dynamics and can lead to huge shifts. Meanwhile, the market onlookers keep looking for the potential impact of these sell-offs.
