Whale Changes the Game: Sold WBTC and Bought AAVE for Millions!

Yesterday, I noticed a significant movement on the chain, clearly driven by an institutional investor or an experienced whale. What happened is that this entity sold 184.4 Wrapped Bitcoin (WBTC) for approximately $20.4 million through Wintermute OTC.

And right after that? They bought AAVE for $15 million!

They transferred $15 million USDC to Wintermute and purchased 57,715 AAVE tokens at a price of $259.9 each.

The strange part?

This person or entity has been accumulating AAVE since March 2023, spending about $30.8 million so far to gather 224,010 AAVE tokens. The average purchase price was $137.5, and the unrealized profit has reached $26.3 million!

What they are doing is not a coincidence. It’s very clear that there is significant confidence in AAVE, and we might also be facing a new wave of institutional movements in DeFi.

Source