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AAVE fell below $100 on Friday after wallet-tracking data revealed Multicoin Capital transferred 150,000 tokens to Galaxy Digital OTC and BitGo. The move heightened selling concerns for AAVE, which has also been under pressure following the KelpDAO rsETH incident.

Multicoin’s 150,000 AAVE Move Sparks Partial-Exit Speculation

The 150,000 AAVE transfer was valued at roughly $14.9 million when it was flagged on Friday. The tokens were sent to wallets linked to Galaxy Digital OTC and BitGo, pointing to a possible sale, custody move, or further redistribution.

The transaction does not confirm that Multicoin sold the tokens into the open market. OTC desks are often used to reduce visible order-book impact, while custody wallets can also be used for repositioning or settlement preparation.

Multicoin had previously accumulated 338,005 AAVE through Galaxy Digital OTC between October 13 and November 25, 2025. The reported cost basis was about $73.7 million, an average entry price close to $218 per token.

Remaining AAVE Balance Carries About $23 Million Paper Loss

The 338,005-token position was $32.6 million when AAVE traded near $96.50. Full original position shows a $41 million mark-to-market loss against the reported $73.7 million cost basis. If the 150,000 AAVE transfer was part of a sale or pending sale, the remaining balance loss would be significantly less than the full position loss.

The wallet-tracking data showed about 188,005 AAVE still tied to the position after the transfer. At about $96.50, that remaining balance is worth roughly $18.1 million and carries an estimated paper loss of about $22.9 million against the reported average entry price.

AAVE Price Holds Below $100 but Remains Above Recent Lows

AAVE recently traded near $96.50, with an intraday range of about $95.92 to $100.89. CoinGecko data showed a similar spot price near $96.54, with 24-hour volume around $249.6 million and a market capitalization near $1.47 billion.

Based on recent price action, $100 is still the level that traders are keeping an eye on. In the short term, a clean move back above that area would ease some of the pressure. On the other hand, failures around that level could keep the focus on lower support.

Based on the most recent price range, there is no new break below $90. Lower prices are most likely to happen in the low-$90 range. CoinGecko shows a seven-day low near $92.36.

KelpDAO rsETH Incident Still Weighs on AAVE Sentiment

AAVE has also been trading against the backdrop of the KelpDAO rsETH incident. An Aave governance incident report said an attacker exploited Kelp’s LayerZero V2 Unichain-to-Ethereum rsETH route on April 18, releasing 116,500 rsETH from the Ethereum-side adapter.

The report said 89,567 rsETH was supplied to Aave. Those deposits backed borrowings of 82,650 WETH and 821 wstETH across Ethereum and Arbitrum markets.

Aave’s contracts were not the exploited component, but the incident created exposure through collateral posted on the protocol. Recovery work has since moved forward, including a first rsETH tranche transfer into the LayerZero OFT adapter under a coordinated restart plan.

More Multicoin Moves Could Keep $100 Resistance in Focus

As for AAVE, the first short-term test is to see if buyers can keep the $100 area. This level is a clear guide for traders as it is now close to the top of the most recent intraday range. If AAVE fails to recover, watch the recent seven-day low near $92. A break below that range would focus on $90.

Additional Multicoin-linked transfers may garner more attention than the first. Despite AAVE’s liquidity, large wallet movements, especially those involving institutional holders, can still influence short-term traders.