The cryptocurrency market has witnessed a major sell-off, with whales dumping over $120 million in Solana (SOL), Aave (AAVE), and Aster (ASTER) assets amid heightened volatility. According to blockchain analytics from Arkham, a Solana whale sold 61,845 SOL worth approximately $11.5 million over four hours, while an Aave whale liquidated 88,227 AAVE valued at $19.8 million to repay leveraged positions and avoid liquidation risks. Additionally, an Aster whale systematically transferred 58.608 million ASTER, worth $92.25 million, to Binance and Bybit, signaling a near-complete exit from the asset.
This coordinated dumping contributed to a 5% decline in the total crypto market capitalization, which fell from an all-time high of over $4.3 trillion to around $3.5 trillion. Over the past seven days, Solana dropped 19%, Aave fell 26%, and Aster plunged 32%, with further losses of 8.4%, 16%, and 19% respectively in the last 24 hours. The sell-off was exacerbated by escalating US-China trade tensions, over-leveraged traders facing cascading liquidations, and delays in ETF approvals for assets like Solana and XRP due to the US government shutdown.
Analyst Carol Lim emphasized, "ETF outflows suggest a lack of sustained buying interest," highlighting weak institutional demand. Billions in futures positions were wiped out, underscoring the persistent risk-off sentiment and amplified volatility in digital assets.
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