aave

WLFI tilgt Kredite bei Aave, um eine Liquidation zu vermeiden
Die Brieftasche, die von On-Chain-Analysten mit World Liberty Financial in Verbindung gebracht wird, hat begonnen, die Risiken zu senken, da die Volatilität von Bitcoin die Positionen auf den Kryptokreditmärkten beeinflusst. Diese Aktivität hat Spekulationen darüber ausgelöst, ob das mit Donald Trump verbundene Projekt Bitcoin verkauft, um zahlungsfähig zu bleiben.

A wallet believed to be linked to World Liberty Financial (WLFI)—a financial entity associated with former U.S. President Donald Trump and reportedly managed by his sons—has drawn market attention after repaying a large DeFi loan using wrapped Bitcoin (WBTC).
On February 5, the wallet withdrew approximately 173 WBTC from Aave V3 and sold the assets to fully repay a stablecoin debt worth around $11.75 million. The move occurred as Bitcoin prices declined below the $63,000 level, increasing liquidation risk across leveraged DeFi positions.
A Case of Voluntary Deleveraging, Not Forced Liquidation
The transaction reflects a classic case of voluntary deleveraging rather than a forced liquidation. When Bitcoin prices fall, highly leveraged positions face declining collateral values. In such scenarios, large holders—or “whales”—often sell collateral proactively to reduce leverage before automated liquidation mechanisms are triggered under less favorable conditions.
According to on-chain data, the wallet address 0x77a…F94F6, labeled by Arkham Intelligence as WLFI, withdrew 73 WBTC and 100 WBTC from Aave V3 collateral pools. The wallet then repaid 5,037,001 USDC and 6,710,808 USDC in two separate transactions, fully settling the outstanding stablecoin debt.
While there has been no official confirmation of wallet ownership, transaction patterns closely match previously reported WBTC and ETH positions held by World Liberty Financial on Aave, reinforcing attribution by on-chain analysts.
Current Exposure Remains Significant
Despite the repayment, the wallet still maintains substantial exposure on Aave. It currently holds approximately 13,298 WETH and 167 WBTC as collateral, securing a variable-rate USDC loan of roughly $18.47 million.
The position’s health factor stands at 1.54, well above Aave’s liquidation threshold of 1.0, indicating that the position is not in immediate danger. However, it is far from comfortable. A further 38% decline in collateral value could still trigger liquidation, highlighting the fragile balance many leveraged positions face in volatile market conditions.
Broader Deleveraging Across DeFi and Crypto Markets
This event is not isolated. According to Chaos Labs, Aave V3 recorded approximately $140 million in liquidations within a 24-hour period during a recent volatility spike. Meanwhile, 21Shares reported that total liquidations across the broader crypto market reached $3.7 billion over the weekend.
These figures underscore a widespread deleveraging cycle, extending beyond Aave and across both decentralized and centralized platforms. As health factors deteriorate, protocols are forced to sell collateral to mitigate bad debt risk, amplifying downward pressure on asset prices.
Why Timing Matters: Selling Early vs. Forced Liquidation
The key difference between voluntary deleveraging and forced liquidation lies in execution quality, not market impact. Selling 173 WBTC near the $69,000 level allowed the wallet to raise roughly $12 million, sufficient to repay the loan at market prices.
In contrast, had the position fallen below a health factor of 1.0, Aave’s liquidation mechanism would have auctioned the collateral at a 5–10% discount during stressed market conditions, resulting in poorer execution and loss of control over timing and price.
In both cases, Bitcoin ultimately enters the market and leverage is removed—but proactive deleveraging preserves capital and flexibility.
Macro Feedback Loops Add Pressure
At a macro level, simultaneous deleveraging by large holders creates a negative feedback loop. Rising variable borrowing rates on Aave increase the cost of maintaining leverage, forcing more positions to unwind. At the same time, market liquidity weakens, bid-ask spreads widen, and order book depth thins, increasing slippage for large trades.
These dynamics are further compounded by outflows from spot Bitcoin ETFs. Total crypto market capitalization has fallen below $2.1 trillion from its October 6 peak, coinciding with sustained ETF redemptions as institutional investors rotate toward safer assets.
During 2024 and early 2025, ETF inflows acted as a supply sink during periods of volatility. As flows reverse, DeFi whales increasingly become the marginal sellers, selling collateral to repay debt rather than expanding exposure.
Three Market Scenarios Ahead
Three potential paths now dominate market discussions:
Base case: Orderly deleveraging, where large positions gradually sell assets, repay debt, and avoid mass liquidations. Prices stabilize at lower levels, but recovery remains muted due to persistent selling pressure.
Bear case: A cascading liquidation event triggered by another sharp price drop, overwhelming protocols like Aave or Compound before investors can react.
Tail risk: A cross-market liquidity shock, where continued ETF outflows, shrinking derivatives open interest, and synchronized whale selling converge, accelerating downside moves.
Conclusion
The sale of 173 WBTC to repay $11.75 million in debt is not a singular event, but rather a data point within a broader deleveraging trend. Large holders are not capitulating—they are rotating Bitcoin into stablecoins to manage risk, preserve health factors, and extend financial runway.
This process reduces the likelihood of disorderly collapses, but it also dismantles the leverage-driven amplification that once propelled Bitcoin from $30,000 toward six-figure levels. As leverage exits the system, the market enters a phase of orderly liquidation—one WBTC at a time.
📌 Disclaimer:
This article is for informational purposes only and represents a personal blog-style market analysis. It does not constitute financial or investment advice. Readers should conduct their own independent research before making any investment decisions. The author assumes no responsibility for any outcomes resulting from actions taken based on this content.
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Der Markt für dezentrale Finanzen hat eine bemerkenswerte Situation erlebt. Ein großer Kredit auf der Plattform Aave, der etwa 2,3% der gesamten Emission des AAVE-Tokens sichert, begann teilweise aufzulösen vor dem Hintergrund eines allgemeinen Rückgangs des Kryptomarktes.
Das Volumen des Kredits wird auf etwa 30 Millionen Dollar geschätzt. Es geriet unter Druck nach einem plötzlichen Preisverfall des AAVE, was zu einer Reihe automatischer Schließungen von Positionen führte.