"Multicoin Capital deposited all 286,057 AAVE tokens ($26.68M) into Coinbase Prime on May 16. The fund bought 338,005 AAVE at an average of $218 per token in late 2025, now down nearly 60% to $88. Coinbase Prime deposits by institutional funds historically tend to precede large structured OTC exits."
"Onchain data shows Multicoin Capital transferring its entire remaining Aave (AAVE) position of 286,057 tokens into Coinbase Prime. At AAVE's current price of approximately $89, the batch is worth roughly $26 million. The move comes after what has become one of the more costly public trades of the current cycle for a major crypto fund."
"Multicoin Capital accumulated 338,005 AAVE tokens between October 13 and November 25, 2025, routing purchases through Galaxy Digital's over-the-counter (OTC) desk. The fund spent approximately $73.7 million to build the position at an average price of $218 per token. With AAVE near $90, Multicoin's original 338,005-token position is worth approximately $31 million against an outlay of $73.7 million, resulting in an unrealized loss of over $40 million (a 55% drawdown from entry)."
"Earlier in May, the fund moved portions of its AAVE to Galaxy Digital OTC wallets and BitGo, leading many to believe it was a staged exit. The May 16 deposit moves the full remaining balance to Coinbase Prime in a single transaction, bolstering the sentiment further. The 286,057-token batch is significan"
Multicoin Capital deposited 286,057 AAVE tokens, worth about $26 million at roughly $89 per token, into Coinbase Prime on May 16. The fund previously accumulated 338,005 AAVE tokens between October 13 and November 25, 2025, spending about $73.7 million at an average price of $218 per token. The current value implies a drawdown of roughly 55% and an unrealized loss of over $40 million. Earlier in May, portions of the AAVE position were moved to Galaxy Digital OTC wallets and BitGo, which led to expectations of a staged exit. The May 16 transfer moved the remaining balance in a single transaction, reinforcing exit-related sentiment. AAVE is the governance and fee-sharing token of the Aave DeFi lending protocol.
Read at news.bitcoin.com
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