• Whale activity and Ethereum Foundation’s funding reinforced market confidence in AAVE’s long-term potential
• Rising address activity and large transactions highlighted growing adoption and bullish market sentiment

Aave [AAVE] has sparked significant market interest after a whale deposited 17,002 AAVE ($5.9M) to Binance, raising questions about potential price movements. This follows the whale’s previous activity, which saw profits of $13.5M (+330%) from its previous trades. 

Right now, the whale holds 11,637 AAVE ($3.87M), hinting at a strategic reduction in exposure. At press time, AAVE was trading at $333.10, following a 3.91% decline over the last 24 hours.

Ethereum Foundation allocates $165m to AAVE

The Ethereum Foundation has allocated 50,000 ETH ($165M) to AAVE, bolstering the DeFi platform’s liquidity and ecosystem presence. This funding comes alongside the setup of a secure 3-of-5 multi-sig wallet to facilitate transactions and strengthen protocol security. 

Additionally, the investment represented a strong vote of confidence in the token’s long-term viability within decentralized finance. This capital injection can be expected to catalyze innovation and enhance integration with Ethereum’s broader ecosystem. 

Scaling AAVE with Bitcoin treasury growth proposal

A recent proposal also highlighted an ambitious plan to grow its treasury by integrating Bitcoin mining revenues. This strategy aims to diversify income streams while also leveraging Bitcoin’s robust network. 

Furthermore, incorporating the GHO stablecoin into Bitcoin transactions could attract institutional investors seeking scalability and stability. These moves could redefine AAVE’s role in the DeFi space, while solidifying its competi

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Author: Erastus Chami