- AAVE whales have been gathering over the past two weeks.
- A summary of spot and derivatives demand as the bears cool off.
Aaf [AAVE] is heading into an exciting week marked by a revival of bullish demand. But even more interesting is that whales are showing interest in AAVE, which could boost its potential recovery.
According to historical concentration data, whales have been accumulating the coin since early January.
Whales held 8.92 million AAVE tokens as of January 1, equivalent to 55.75% of the total supply. That figure has since grown to 9.07 million tokens or 56.69% of the total supply.
source: IntoTheBlock
Whales currently form the highest cohort of AAVE holders and thus have the greatest impact on the price. This investor class reduced their balance from 4.05 million tokens to 3.88 million tokens over the same period.
Meanwhile, private investors have also taken over the dip, increasing their balance from 3.03 million to 3.05 million AAVE.
Can Whale Demand Support AAVE Recovery?
The accumulation of whales is a healthy sign for AAVE bulls. It suggests that the price could potentially rise after the latest dip. It looks like the AAVE bears are running out of steam this weekend, followed by an increase in demand.
AAVE sold for $290.75, having recovered about 13% from its January 13 low. The money flow indicator has been trending upward since January 8, indicating liquidity is flowing back into the token.
Source: TradingView
The weekend turn and bullish momentum over the past two days could indicate that the coin is about to see more upside. However, this requires sustained demand.
The latest on-chain stats show robust interest after the latest wave of selling pressure bottomed out.
For example, AAVE derivatives volume peaked at $1.04 billion, after rising 61.05% in the past 24 hours. This was the highest daily volume figure achieved so far this month.
source: Coinglass
The spike in volumes highlights the level of activity behind the token and its potential recovery. Open Interest peaked at $310.50 million after rising 6.95%.
Demand also increased in the spot segment. As previously noted, MFI has risen sharply since January 7, while spot market demand has shifted along the same timeline.
The spot outflow decreased and turned positive on January 11.
source: Coinglass
Read Aave’s [AAVE] Price forecast 2025–2026
The coin’s Spot Inflows peaked at $5.09 million at the time of observation, the highest in the past two weeks.
This confirmed a revival in demand for AAVE during this period. The real question is whether this demand can continue for more upside potential in the coming days.
