"While bitcoin has reclaimed levels above $100,000 in 2026, many DeFi tokens have failed to keep pace. AAVE, which powers one of the largest decentralized lending protocols with billions in total value locked (TVL), has not benefited proportionally from the bitcoin-led cycle. Furthermore, Multicoin's position illustrates the structural"
Multicoin Capital accumulated 338,005 AAVE tokens through Galaxy Digital OTC at an average price near $218, totaling about $73.7 million. Purchases occurred in multiple tranches, including 210,000 AAVE after an October 11 sell-off and 61,637 AAVE on November 25. The fund transferred 150,000 AAVE to Galaxy Digital OTC and BitGo. AAVE is now trading near $97, far below the entry price, making the position worth about $32.8 million and implying unrealized losses exceeding $40 million. Multicoin appears to be reducing the AAVE exposure to cut losses, though the exact amount sold is unclear. DeFi blue chips like AAVE have underperformed bitcoin during the 2026 bull cycle.
Read at news.bitcoin.com
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