Amid market volatility, the terror seller lost $222K in AAVE.

A millionaire crypto investor with a large Ave holding “sold the dip” at around $222,000 – a common case of panic selling in uncertain market conditions.

In mid-October, a crypto wallet associated with the seller withdrew 20,527 Aave (AAVE), worth $3.19 million, from crypto exchange Binance. At the time, AAVE's market price was $155.

Over the next two weeks, AAVE and many other cryptocurrencies struggled to gain momentum.

Table of Contents

Toggle

Opposing Hoddle's strategy

While an investor may opt for a hodle strategy, hoping for a price rise in the near future, the AAVE investor decided to sell his holdings while the market was falling, according to onchain analytics platform Lookonchain:

The seller sold the entire 20,527 AAVE shares at the market price of $144 “in a panic to stop the loss,” Lookonchain said. While some members of the community were amused by the seemingly rookie error, X user CryptoProfessor X said:

“It's a reminder of the importance of risk management and a clear exit plan.”

Related: Bitcoin Speculators Send 4B to Exchanges as BTC Price Loses $70K

According to Cointelegraph Markets Pro and CoinMarketCap data, in the last 30 days, AAVE traded at a high of $165.08 on October 15.

Still, at the time of writing, the AAVE market price has maintained its low direction at $142.81.

Elon Musk's Tesla has not sold its latest crypto holdings.

Check out Cointelegraph's Beginner's Guide to learn more about different ‘buy low' and ‘sell high' cryptocurrency trading strategies.

According to Tesla's third quarter 2024 earnings report from Oct. 23, Elon Musk's car company continues to hold $184 million worth of investments in digital assets.

Tesla's revenue for the third quarter of 2024 exceeded $25.2 billion, down slightly from $25.5 billion in second quarter revenue. The company began acquiring Bitcoin (BTC) in 2021 with an initial purchase of $1.5 billion.

Magazine: We took ETSafari to see how crypto works in Africa.