Onchain data shows Multicoin Capital is now more than $40 million underwater on a large AAVE position built through Galaxy Digital’s over-the-counter (OTC) desk. The firm now appears to be selling.
Multicoin Capital accumulated 338,005 AAVE at a $218 avg via Galaxy Digital OTC and is now sitting on over $40M in losses.
Lookonchain flagged that Multicoin appears to be cutting its AAVE position after a 55% price decline.
AAVE’s drop to ~$97 underscores DeFi blue chips’ underperformance relative to bitcoin during the 2026 bull cycle.
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.
