Multicoin Capital Moves 150,000 AAVE Amid $40M+ Unrealized Loss

Multicoin Capital, a thesis-driven investment firm, is facing losses of more than $40 million on its Aave position, with recent on-chain activity suggesting possible selling pressure.

According to blockchain tracker Lookonchain, the position was built between October 13 and November 25, 2025, when Multicoin Capital received 338,005 AAVE, worth about $73.7 million at the time, from a Galaxy Digital OTC wallet. The tokens were acquired at an average price of $218.

Since then, the value of the holdings has declined, putting the firm more than $40 million in the red. In line with this pressure, recent transactions indicate further asset transfers.

Over the past five hours, Multicoin Capital transferred 150,000 AAVE (approximately $14.92 million) to both a Galaxy Digital OTC wallet and BitGo, which may indicate preparation for a sale.

Source: Lookonchain