Crypto Whales Dump $120M in SOL, AAVE, ASTER Amid Market Slump

The cryptocurrency market is witnessing a significant exodus of large investors, with whales systematically offloading positions in SOL, AAVE, and ASTER tokens. According to blockchain data analyzed by platforms including Arkham and EmberCN, these coordinated moves have resulted in over $120 million in assets being transferred to exchanges like Binance and Bybit. The sell-off comes as the total crypto market capitalization dropped by over 5% in the past 24 hours to $3.67 trillion, according to CoinGecko data, with major altcoins including Ethereum, Solana, and Cardano posting losses between 6% and 9%.

The selling pressure appears widespread across different asset types and investor profiles. A Solana whale that had previously demonstrated successful meme coin trading strategies sold 61,845 SOL worth approximately $11.5 million over a concentrated four-hour period on Thursday. Meanwhile, an AAVE whale who nearly faced liquidation in April while employing a looped borrow strategy to go long on the token has now opted to exit completely, selling 88,227 AAVE worth $19.8 million over eight hours to repay all outstanding loans and unwind the leveraged position.

Most notably, ASTER whales are executing what appears to be a near-complete exit from their positions, with one entity systematically transferring 58.608 million ASTER tokens worth $92.25 million to Binance exchange over the past week alone. This whale previously held 64.535 million ASTER and appears to be nearing a full liquidation of their position. While transfers to exchanges are commonly interpreted as selling intentions in the crypto space, they could also serve margin requirements or staking purposes, making the recent ASTER transfers not straightforward profit-taking moves.

The selling pressure has resulted in substantial unrealized losses for ASTER holders. Another entity that participated in the World Liberty Financial public sale and later accumulated Aster transferred its 8.282 million token holding back to Bybit on Thursday, realizing an unrealized loss of more than $5 million. The bearish sentiment surrounding ASTER is reflected in the prediction market Myriad, launched by Decrypt’s parent company DASTAN, where users place just a 6% chance on Aster hitting $4 in November.

The coordinated selling across different wallets and assets paints a clear picture of large players reducing exposure, taking profits where available, and cutting losses where necessary. This activity underscores the persistent risk-off sentiment permeating cryptocurrency markets. According to Deebs DeFi, a pseudonymous on-chain analyst at Bubblemaps, “It’s not uncommon to see whales offload or de-risk after last Friday’s major market drawback,” adding that, “They may be fearful of a future black swan event.”

The smart money retreat comes amid a broad market downturn that has tested the crypto market’s already fragile state and hindered its recovery efforts. The systematic nature of these sales across SOL, AAVE, and ASTER suggests that whales are prioritizing capital preservation over potential upside, signaling a rush to exit rather than holding through volatility. This behavior among large investors often serves as a leading indicator for market sentiment, potentially foreshadowing continued pressure on altcoin prices as the market digests these substantial position unwinds.