‘Smart Money’ Investors Accumulating One OG Ethereum Ecosystem Altcoin: Defi Veteran Arthur Cheong
Crypto investor Arthur Cheong says that “smart money” entities appear to be accumulating one well-established altcoin as of late. Cheong tells his 172,200 followers on the social media platform X that millionaire wallets are gobbling up the native token of the decentralized finance (DeFi) lending platform Aave (AAVE) amid a sharp decrease in the token’s supply on crypto exchanges. “The total supply of AAVE on exchanges have decreased by ~$18.4 million over the past 30 days Seeing a decent chunk of low 7 figs accumulation among some smart money wallets as well.” Source: Arthur Cheong/X At time of writing, AAVE is trading for $112.84. Cheong says that he can “already see the stars lining up for the next phase of DeFi growth.” The investor references BitGo’s recent controversial announcement to transition its Wrapped Bitcoin (WBTC) business to a multi-jurisdictional custody system. According to the investor, BitGo...