Between October 13 and November 25, 2025, Multicoin Capital received 338,005 AAVE tokens from a Galaxy Digital OTC wallet at an average price of approximately $218 per token, representing a total outlay of around $73.7 million. The purchases were spread across several tranches, including a block of 210,000 AAVE acquired after the October 11 market sell-off and a further 61,637 AAVE on November 25 at approximately $10.94 million.

Multicoin Capital has transferred 150,000 AAVE to Galaxy Digital OTC wallet and BitGo, per Arkham

Multicoin Capital, an Austin-based crypto venture and hedge fund known for high-conviction concentrated bets, was building AAVE exposure as part of a broader decentralized finance ( DeFi) thesis. At the time, the accumulation read as a confident institutional dip-buy, a well-capitalized fund picking up a DeFi blue chip at what appeared to be depressed prices.

AAVE is currently trading near $97, down sharply from the $218 average entry. At current prices, Multicoin’s 338,005-token position is worth approximately $32.8 million, implying an unrealized loss of over $40 million, or roughly 55% of the original outlay.

Multicoin now appears to be selling to cut losses, but the exact total volume being offloaded is still unknown.

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 risk of large OTC accumulation in relatively thin altcoin markets. Galaxy Digital’s OTC desk facilitated the original purchases, a standard institutional route for building size without moving spot prices, but the arrangement offers no protection against prolonged underperformance of the underlying asset.

If Multicoin proceeds with a full or partial exit, the added sell pressure could weigh further on AAVE in the near term, particularly if the firm unwinds at market rather than through another OTC arrangement.

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