{"id":348161,"date":"2023-10-04T04:00:42","date_gmt":"2023-10-03T22:30:42","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=348161"},"modified":"2023-10-03T14:34:42","modified_gmt":"2023-10-03T09:04:42","slug":"is-bitcoin-the-driving-force-behind-aaves-gains-in-october","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/is-bitcoin-the-driving-force-behind-aaves-gains-in-october\/","title":{"rendered":"Is Bitcoin the driving force behind Aave&#8217;s gains in October"},"content":{"rendered":"<ul>\n<li><em>AAVE&#8217;s ratio of daily transaction volume in profit to loss climbs to its highest level since May.<\/em><\/li>\n<li><em>The token&#8217;s supply on exchanges has increased in the past few days due to the uptick in profit-taking activity.<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Due to its statistically significant positive correlation with Bitcoin [BTC], the ratio of AAVE&#8217;s daily transaction volume in profit to loss rallied to its highest level in six months during the intraday trading session on 2 October, data from <a href=\"https:\/\/app.santiment.net\/charts\/M3hWLb28__sCl\" target=\"_blank\" rel=\"noopener\">Santiment<\/a> showed.<\/span><\/p>\n<figure id=\"attachment_348167\" aria-describedby=\"caption-attachment-348167\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-07.56.24-03-Oct-2023.png\"><img decoding=\"async\" class=\"wp-image-348167 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-07.56.24-03-Oct-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-07.56.24-03-Oct-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-07.56.24-03-Oct-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-07.56.24-03-Oct-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-07.56.24-03-Oct-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-07.56.24-03-Oct-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Bitcoin-BTC-07.56.24-03-Oct-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-348167\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The surge in the volume of AAVE transactions in profit came after BTC\u2019s price broke the key resistance of $27,800 to exchange hands briefly above the $28,000 price mark.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Is your portfolio green? Check out the\u00a0<a href=\"http:\/\/ambcrypto.com\/calculator\/aave-profit-calculator\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">AAVE Profit Calculator<\/a><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">AAVE also experienced a brief price growth within this period, data from <a href=\"https:\/\/coinmarketcap.com\/currencies\/aave\/\" target=\"_blank\" rel=\"noopener\">CoinMarketCap<\/a> showed. On 2 October, the altcoin logged an intraday price rally of over 15%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, AAVE\u2019s price peaked at $72.13 and initiated a decline. At $69.46 at press time, the governance taken recorded a 2% price drop in the past 24 hours.<\/span><\/p>\n<h4><b>A look at AAVE\u2019s on-chain performance<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">Due to the surge in the daily volume of profitable AAVE transactions, whale investors have increased their holdings.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Information sourced from on-chain data provider Santiment revealed that the count of whales that hold between 100 and 100,000 AAVE tokens has increased by almost 1% since 1 October. At press time, their count stood at 2767.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The increase in whale interest in the past few days is also attributable to the positive ratio of AAVE\u2019s daily on-chain transaction volume in profit to loss. In fact, on 1 October, this ratio rallied to 4.42, marking its highest daily level in the past three months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> This meant that for every transaction that returned losses, 4.42 transactions ended in profit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At 3.33 at press time, the ratio of AAVE transactions that ended in profit still exceeded those that returned losses.\u00a0<\/span><\/p>\n<figure id=\"attachment_348169\" aria-describedby=\"caption-attachment-348169\" style=\"width: 3840px\" class=\"wp-caption alignnone\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.53-03-Oct-2023.png\"><img decoding=\"async\" class=\"size-full wp-image-348169\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.53-03-Oct-2023.png\" alt=\"\" width=\"3840\" height=\"1300\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.53-03-Oct-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.53-03-Oct-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.53-03-Oct-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.53-03-Oct-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.53-03-Oct-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.53-03-Oct-2023-2048x693.png 2048w\" sizes=\"(max-width: 3840px) 100vw, 3840px\" \/><\/a><figcaption id=\"caption-attachment-348169\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, with investors taking advantage of the current profitable state, the token\u2019s supply on exchanges has increased. According to data from Santiment, the supply on exchanges has gone up by 2% in the past five days.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">How much are\u00a01,10,100 AAVEs worth today?<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">This suggested that token holders have increasingly sent tokens to exchanges for onward sales to book profits. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversely, within the same period, the token\u2019s supply outside of exchanges has dropped. At 12.16 million at press time, AAVE\u2019s supply outside exchanges has fallen by 1% in the last five days.<\/span><\/p>\n<figure id=\"attachment_348168\" aria-describedby=\"caption-attachment-348168\" style=\"width: 2560px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.26-03-Oct-2023.png\"><img decoding=\"async\" class=\"wp-image-348168 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.26-03-Oct-2023.png\" alt=\"\" width=\"2560\" height=\"867\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.26-03-Oct-2023.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.26-03-Oct-2023-300x102.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.26-03-Oct-2023-1024x347.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.26-03-Oct-2023-768x260.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.26-03-Oct-2023-1536x520.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/10\/Aave-on-Ethereum-AAVE-08.00.26-03-Oct-2023-2048x693.png 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/a><figcaption id=\"caption-attachment-348168\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>AAVE&#8217;s ratio of daily transaction volume in profit to loss climbs to its highest level since May. The token&#8217;s supply on exchanges has increased in the past few days due to the uptick in profit-taking activity. Due to its statistically significant positive correlation with Bitcoin [BTC], the ratio of AAVE&#8217;s daily transaction volume in profit<a href=\"https:\/\/ambcrypto.com\/is-bitcoin-the-driving-force-behind-aaves-gains-in-october\/\">Continue reading <span class=\"sr-only\">&#8220;Is Bitcoin the driving force behind Aave&#8217;s gains in October&#8221;<\/span><\/a><\/p>\n","protected":false},"author":64,"featured_media":348174,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,66,3,4,20],"tags":[],"class_list":["post-348161","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-new-news","category-news","category-social","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Is Bitcoin the driving force behind Aave&#039;s gains in October - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Due to its statistically significant positive correlation with BTC, the ratio of AAVE&#039;s daily transaction volume in profit to loss rallied...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/is-bitcoin-the-driving-force-behind-aaves-gains-in-october\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is Bitcoin the driving force behind Aave&#039;s gains in October - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"AAVE&#039;s ratio of daily transaction volume in profit to loss climbs to its highest level since May. 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