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The ongoing bad debt incident triggered by the KelpDAO vulnerability continues to ferment, and market concerns about Aave's risk exposure are rapidly intensifying. On-chain selling pressure is being released in a concentrated manner, and AAVE has fallen by over 18% today.
From the behavior of whale addresses, funds are clearly "de-risking":
Address smaugvision sold 20,015 AAVE at an average price of about $103, receiving approximately 2.06 million USDC.
Whale 0xFC56 also sold 20,000 AAVE around the $103 range, receiving about 2.05 million USDC.
These two large-scale simultaneous reductions indicate that it is not just a single-point stop-loss but a systemic reassessment of protocol risk.
Such on-chain behaviors are often leading indicators—when whales start collectively shifting to stablecoins, the market usually enters a "liquidity defensive stage," and short-term selling pressure may further spread.
The current core issue is not the price itself but whether risks are fully priced in or still being transmitted.
Follow me for ongoing analysis of whale movements on-chain and the evolution of real DeFi risks.