Recently, the market performance of AAVE has attracted considerable attention. Data shows that a whale sold 230,000 AAVE in a short period, causing the price to fall by 10% instantly, and left the market after converting to stETH and WBTC. This action is thought-provoking—what signals does the withdrawal of large funds often convey?

From the on-chain data, this is not an ordinary sell-off. The whales choosing to concentrate their sell-off at this point indicates a lack of confidence in the future market. Such large sell orders are usually not an end, but rather the beginning of a new round of selling pressure. Retail investors need to be wary of the possibility that more institutions may follow suit and exit.

The technical situation is more concerning. On the 1-hour chart, the MACD has formed a death cross below the zero line—this is a classic signal for accelerated decline. More importantly, this round of decline is accompanied by a significant increase in trading volume, indicating that the selling pressure is indeed heavy and not just a simple technical washout. From the perspective of resistance levels, around 170 has become a key resistance, and 187 seems even more out of reach.

The funding data further confirms the strength of the bears. In the contract market, there has been a significant net outflow of long funds, indicating that many longs are closing their positions and exiting the market in panic, while the bears are taking control of the pace. In this context, breaking below 155 is no longer a hypothesis, but a matter of time. This is not the time to catch the bottom; instead, it is advisable to remain observant and wait for clearer support signals to emerge.