3 weeks ago
Multicoin Capital has moved each 286,057 of its remaining aave tokens, worthy astir $26.68 million, into Coinbase Prime, the clearest awesome yet that the money is exiting a presumption sitting connected implicit $40 cardinal successful losses.
Published: May 16, 2026, 2:10 PM
Key Takeaways
How the Position Was Built
Onchain information shows Multicoin Capital transferring its full remaining Aave (AAVE) presumption of 286,057 tokens into Coinbase Prime. At AAVE’s existent terms of astir $89, the batch is worthy astir $26 million. The determination comes aft what has go 1 of the much costly nationalist trades of the existent rhythm for a large crypto fund.
As Bitcoin.com News previously reported, Multicoin Capital accumulated 338,005 AAVE tokens betwixt October 13 and November 25, 2025, routing purchases done Galaxy Digital’s over-the-counter (OTC) desk. The money spent astir $73.7 cardinal to physique the presumption astatine an mean terms of $218 per token.
Onchain information showing Multicoin depositing its remaining 286,057 AAVE to Coinbase Prime.Aave (AAVE) is the governance and fee-sharing token of the Aave protocol, the largest decentralized finance ( DeFi) lending level by full worth locked. Multicoin’s thesis apt centered connected Aave’s continued maturation arsenic DeFi enactment scaled successful a caller bull cycle, a stake that has not paid off. Despite bitcoin surpassing $100,000 successful 2026, DeFi governance tokens broadly underperformed the bitcoin-led market.
The Losses
With AAVE adjacent $90, Multicoin’s archetypal 338,005-token presumption is worthy astir $31 cardinal against an outlay of $73.7 million, resulting successful an unrealized nonaccomplishment of implicit $40 cardinal (a 55% drawdown from entry).
Earlier successful May, the money moved portions of its AAVE to Galaxy Digital OTC wallets and BitGo, starring galore to judge it was a staged exit. The May 16 deposit moves the afloat remaining equilibrium to Coinbase Prime successful a azygous transaction, bolstering the sentiment further.
The 286,057-token batch is important comparative to AAVE’s mean regular trading volume, and immoderate merchantability of that size would apt beryllium breached up and routed done OTC channels to minimize slippage, precisely the transaction benignant Coinbase Prime is built to handle.
With Aave’s terms being range-bound betwixt $88 and $100 for respective weeks, a transportation of this magnitude could correspond a cardinal displacement from accumulation to offloading connected Multicoin’s behalf.
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