• AAVE’s ratio of daily transaction volume in profit to loss climbs to its highest level since May.
• The token’s supply on exchanges has increased in the past few days due to the uptick in profit-taking activity.

Due to its statistically significant positive correlation with Bitcoin [BTC], the ratio of AAVE’s daily transaction volume in profit to loss rallied to its highest level in six months during the intraday trading session on 2 October, data from Santiment showed.

The surge in the volume of AAVE transactions in profit came after BTC’s price broke the key resistance of $27,800 to exchange hands briefly above the $28,000 price mark.

Is your portfolio green? Check out the AAVE Profit Calculator

AAVE also experienced a brief price growth within this period, data from CoinMarketCap showed. On 2 October, the altcoin logged an intraday price rally of over 15%.

However, AAVE’s price peaked at $72.13 and initiated a decline. At $69.46 at press time, the governance taken recorded a 2% price drop in the past 24 hours.

A look at AAVE’s on-chain performance

Due to the surge in the daily volume of profitable AAVE transactions, whale investors have increased their holdings. 

Information sourced from on-chain data provider Santiment revealed that the count of whales that hold between 100 and 100,000 AAVE tokens has increased by almost 1% since 1 October. At press t

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Author: Abiodun Oladokun

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