Blockchain Capital transferred 216,000 AAVE tokens to Coinbase Prime, signaling a potential liquidation of a substantial position accumulated over nearly three years. The venture capital firm built its holdings between October 2020 and March 2023, acquiring approximately 233,000 tokens at an average price of $94 per token, according to Arkham Intelligence data.
Blockchain Capital has already begun reducing exposure to the position, having sold 16,900 AAVE tokens worth approximately $5 million in December 2024 when the token reached its peak price. The transfer to Coinbase Prime—a custodial service for institutional clients—suggests the firm may be preparing additional exits or managing liquidity for its investors.
The move highlights shifting sentiment among early institutional backers of the Aave protocol. At current valuations substantially above the firm's $94 average entry price, the liquidation represents a significant realized gain, though the timing indicates Blockchain Capital may view current price levels as attractive for reducing a concentrated position in the lending protocol's governance token.