Whale Converts $20M in Bitcoin to AAVE, Bags Big Unrealized Profits

An anonymous high-stakes crypto investor has caught the attention of on-chain analysts after executing a bold portfolio reshuffle—exiting a sizable Bitcoin position and doubling down on AAVE.

The activity, flagged by blockchain researcher Yu Jin, appears to reflect a long-term strategy centered on DeFi exposure.

The latest move involved a $15 million transfer in USDC to algorithmic market maker Wintermute, followed by the purchase of 57,715 AAVE tokens at an average price of around $259.90. This comes just one day after the same wallet sold 184.4 wrapped Bitcoin (WBTC) for approximately $20.4 million via Wintermute’s over-the-counter (OTC) service.

Historical data suggests this isn’t a sudden bet. The investor has been quietly accumulating AAVE since March 2023, steadily building a position now totaling 224,010 tokens. Based on an average entry price of $137.50, the whale is currently sitting on an unrealized profit of over $26 million at today’s price of $265 per AAVE.

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The wallet, which holds more than $59 million in total assets, shows a clear preference for AAVE and possibly decentralized finance as a whole. While the identity of the investor remains unknown, the scale and strategy of the trades suggest an institutional player or veteran whale repositioning for long-term gains in the DeFi space.

With AAVE showing renewed strength and trading volumes climbing, market watchers are now closely tracking whether this whale continues to accumulate—or signals a larger trend among major players rotating into next-generation finance tokens.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.