Over the last three hours, wallet 0xa92…7611e steadily offloaded 230,350 $AAVE , selling in smaller tranches that added up to roughly $38M in total volume. Instead of moving to stablecoins, the capital was rotated into large-cap blue chips $stETH and $WBTC at an average cost near $223.4.

The shift came at a cost. The rotation locked in a realized loss of over $13.44M, suggesting a strategic de-risking move rather than profit-taking. This kind of behavior often signals capital preservation and quality rotation during uncertainty, not a full market exit.

Price action reflected the pressure. $AAVE dipped to $156, posting a maximum drawdown of 11.56% before demand stepped in. The rebound toward $161 shows buyers absorbing supply, but the distribution has left a visible footprint, indicating this zone may act as resistance in the short term unless fresh momentum enters.