AAVE’s ratio of daily transaction volume in profit to loss climbs to its highest level […]
The token’s supply on exchanges has increased in the past few days due to the uptick in profit-taking activity.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 fromThe 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.However, AAVE’s price peaked at $72.13 and initiated a decline. At $69.
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 time, their count stood at 2767. The increase in whale interest in the past few days is also attributable to the positive ratio of AAVE’s daily on-chain transaction volume in profit to loss. In fact, on 1 October, this ratio rallied to 4.42, marking its highest daily level in the past three months.At 3.33 at press time, the ratio of AAVE transactions that ended in profit still exceeded those that returned losses.
This suggested that token holders have increasingly sent tokens to exchanges for onward sales to book profits. Conversely, within the same period, the token’s supply outside of exchanges has dropped. At 12.16 million at press time, AAVE’s supply outside exchanges has fallen by 1% in the last five days.Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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