Aztec just dumped their last 5,020 ETH ($12.33M) into Coinbase 9 hours ago.

Here's the full picture:

Dec 2024: Aztec sold 1.5B AZTEC tokens for 19,388 ETH ($59.13M)

- 4,235 ETH went to LP

- 15,154 ETH ($47.25M) slowly dumped into Coinbase over 3 months at avg $2,441

That's a complete exit. Zero ETH left from the public sale.

When teams convert 100% of their raise to fiat instead of holding conviction in their own token or ETH, that's your signal. They cashed out while retail holds bags.

Aztec clearly doesn't believe in crypto's upside right now—or their own project's future value.