The WhaleStats observation was consistent with the whale transaction count. In the last 24 hours, there were at least two transactions worth over $1 million, which was accompanied by an uptick in AAVE V2 deposits. This was the first time that deposits have registered such a sizable uptick in the last four days.These observations may indicate an increase in on-chain activity. Interestingly, this came after a sharp uptick in the weighted sentiment metric.
Well, it may explain why AAVE was struggling with bouncing back. The lack of retail demand to contribute to the whale accumulation may explain the weak bullish momentum. A look at AAVE’s supply distribution may also explain the sideways price action in the last few days. The top addresses have been testing the market in the last couple of days through a series of accumulation and distribution.A closer look at the top two address categories reveals a game of accumulation and distribution. The incoming sell pressure canceled out any existing demand. Consequently, the last 24 hours were characterized by relative inactivity from the top addresses.
While the current market conditions underscore the lack of adequate demand, it might also be the start of the next price wave. Thus, it remains to be seen if the current position and the above observation will yield more bullish volumes for AAVE’s anticipated
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Source: CryptoAmb - 🏆 22. / 68 Read more »