- Multicoin Capitalโs possible purchase could affect AAVEโs liquidity, say analysts.
- Suspected $51.32M in AAVE withdrawal linked to Multicoin Capital.
- No official response from Multicoin on the substantial acquisition.
Multicoin Capital reportedly purchased 210,000 AAVE, valued at $51.32 million, within the past 11 hours. Evidence from blockchain analysis shows transfers through Galaxy Digital OTC, with no comment from company leadership.
Multicoin Capitalโs alleged large-scale AAVE purchase highlights the ongoing interest in DeFi protocol investments. The acquisition, confirmed by multiple blockchain explorers, reflects potential market behavior changes.
Acquisition Details and Market Impact
The suspected acquisition involves Multicoin Capital acquiring 210,000 AAVE through major exchanges and Galaxy Digitalโs OTC desk. On-chain data indicates consolidation to a wallet attributed to Multicoin, raising questions about motive and timing.
โ210,000 AAVE worth about $51.32 million were withdrawn over the past 11 hours from Binance, OKX, and Bybit to a Galaxy Digital OTC wallet and then consolidated to address 0x73AC, which Nansen labels as Multicoin Capital.โ โ EmberCN, On-chain Analyst, Twitter.
The acquisition may impact AAVEโs market position and liquidity, as demonstrated by the recent price drop. The transaction raises possibilities of influencing governance and protocol decisions.
Historical precedents of large OTC acquisitions reveal potential DeFi sector rotations post-accumulation. Such events are noteworthy in analyzing the broader cryptocurrency market dynamics.
With no official statement from Multicoin Capital on the substantial acquisition, the community speculates on the implications of this event. The event underscores the impact of institutional actions on crypto markets.
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