Contents
- 1 AAVE Price Retracts on Increased Exchange Outflows: What’s Next?
- 1.1 CEX Outflows Surge, Bulls Remain Optimistic
- 1.1.1 According to on-chain data analysis from Nansen, AAVE saw a significant increase in centralized exchange outflows, indicating a trend of investors moving their tokens to self-custody for long-term holding. This shift is seen as a positive sign for the cryptocurrency.
- 1.1.2 Moreover, the top ten largest accounts accumulated AAVE tokens worth over $8.4 million, surpassing sales worth over $7.8 million, suggesting continued bullish sentiment among investors hoping for a resurgence in DeFi.
- 1.2 AAVE’s Strong Fundamentals
- 1.2.1 Data from DeFi Llama reveals that AAVE has amassed assets totaling over $12.53 billion, with a significant portion in its V3 version. The platform has facilitated over $8.09 billion in borrowing and generated $260 million in fees over the past year, solidifying its position as a profitable DeFi ecosystem.
- 1.2.2 Additionally, AAVE’s future interest remains high, as reflected in CoinGlass data showing consistent daily open interest levels above $87 million since mid-August, reaching a peak of $214 million on September 11.
- 1.3 Technical Analysis and Price Speculation
- 1.1 CEX Outflows Surge, Bulls Remain Optimistic
AAVE Price Retracts on Increased Exchange Outflows: What’s Next?
The price of AAVE experienced a pullback on September 24 due to a rise in centralized exchange outflows, signaling a potential shift in investor behavior.
CEX Outflows Surge, Bulls Remain Optimistic
According to on-chain data analysis from Nansen, AAVE saw a significant increase in centralized exchange outflows, indicating a trend of investors moving their tokens to self-custody for long-term holding. This shift is seen as a positive sign for the cryptocurrency.
Moreover, the top ten largest accounts accumulated AAVE tokens worth over $8.4 million, surpassing sales worth over $7.8 million, suggesting continued bullish sentiment among investors hoping for a resurgence in DeFi.
AAVE’s Strong Fundamentals
Data from DeFi Llama reveals that AAVE has amassed assets totaling over $12.53 billion, with a significant portion in its V3 version. The platform has facilitated over $8.09 billion in borrowing and generated $260 million in fees over the past year, solidifying its position as a profitable DeFi ecosystem.
Additionally, AAVE’s future interest remains high, as reflected in CoinGlass data showing consistent daily open interest levels above $87 million since mid-August, reaching a peak of $214 million on September 11.
Technical Analysis and Price Speculation
On the weekly chart, AAVE has sustained a bullish trend, surpassing key resistance at $154.21 and breaching the 25-week moving average. The Relative Strength Index hints at potential overbought conditions, setting the stage for buyers to target the $200 psychological level.
Disclaimer:
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
