On-chain appears to show a typical case of "building a position at high levels → stopping losses at low levels" with fund liquidation, as the selling pressure on AAVE is being genuinely realized.

Monitoring indicates that address 0xE595 has accumulated a total of 12,223 AAVE over the past 5 months, with a total investment of about $1.65 million, and an average entry price of approximately $135.
Just 3 hours ago, this address chose to liquidate all holdings at a price of about $92, resulting in a loss of approximately $514k, completing a typical passive stop-loss exit.
The key signals released by this behavior are:
Mid-term holders are beginning to "accept losses and exit," indicating the market is transitioning from "expected holding" to "actual stop-loss."
When chips shift from steadfast holders to short-term traders, price volatility often amplifies further, and the uncertainty of the trend increases accordingly.
What truly influences the market is never a single price, but the change in the structure of holders.
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