On January 6, 2025, a prominent cryptocurrency whale, identified as wallet 0x97d, transferred 19,001 AAVE tokens worth approximately $6.5 million to Binance.
This marks a significant move for the whale, who has been strategically accumulating and managing AAVE since mid-2024.
Long-Term Holdings: Over $23M in AAVE
The whale appears to be part of a larger entity controlling two wallets, both dedicated to AAVE investments. Since June 23, 2024, the whale has been holding a substantial amount of AAVE, with current holdings of 70,108 tokens valued at $23.65 million. The total profit generated from this position stands at an impressive $22.8 million, representing a 309% return.
Initial Accumulation at Low Prices
The whale’s journey began on June 23, 2024, when they withdrew 89,109 AAVE tokens from OKX at an average price of just $82.55 per token. The total cost of this initial acquisition was estimated at $7.36 million. Their current valuation underscores the success of this early move, as AAVE’s price has soared significantly since then.
Recent Binance Deposit at $342 per Token
Fast-forward to January 2025, the whale deposited 19,001 AAVE to Binance at a market price of $342 per token. This deposit, worth $6.5 million, raises questions about potential upcoming trades or strategic reallocations.
I’m A Rocky Past with MKR and LDO
Interestingly, the whale’s track record isn’t entirely spotless. Before their lucrative AAVE trades, they realized a combined loss of $2.65 million from investments in Maker (MKR) and Lido (LDO). These past setbacks highlight the risk inherent in the volatile crypto market, even for seasoned players.
A whale deposited 19,001 $AAVE ($6.5M) to #Binance at $342, allegedly securing a $4.93M profit 7 hours ago.
On Jun 23, 2024, this whale withdrew 89,109 $AAVE from Binance at ~$82.55 ($7.36M) via 2 wallets.
Now, the whale still holds 70,108 $AAVE ($23.65M) with an est. total… pic.twitter.com/I9ZQtAcao9
— Spot On Chain (@spotonchain) January 6, 2025
Conclusion
With a proven ability to capitalize on market opportunities, this whale’s AAVE investments have been a standout success. Their recent $6.5M Binance deposit may signal further strategic moves, making this account one to watch in the coming months.
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
