Recently, there's been a pretty eye-catching scene in the crypto world. A whale, at the level of a major investor, has been pouring a total of $4.7 million into AAVE over the past four days, with an average cost basis of $156.65 per token, acquiring 30,000 tokens in one go. Combined with over 20,000 tokens previously held, this guy now owns nearly 60,000 AAVE, with a total account value exceeding $9 million.

The question is—AAVE's current trading price is $155.2, which is even lower than his cost basis. As a result, this large investment is currently showing an unrealized loss of $4.26 million. You read that right—it's an unrealized loss.

This scene is quite surreal: on one side, wealthy investors keep buying more as prices fall, with no hesitation; on the other side, the account is green, and the market hasn't shown any positive feedback. But from a different perspective, what could this kind of operation indicate?

**What secrets are the whale's chips hiding?**

Money from big players like this doesn't just fall from the sky. The fact that they are willing to spend big even while losing millions suggests they’re not out of their minds. Usually, such behavior indicates: they have strong confidence in AAVE's long-term value, or they’ve caught wind of some major positive news about to land, or they’re betting on a big cycle rebound. From this angle, it’s indeed a bullish signal.

But honestly, the rules of the game for retail investors and whales are fundamentally different. They might lose 4 million without blinking an eye, while losing 40,000 might make you miserable for a week. Their information sources, capital scale, and risk tolerance are simply not on the same level. So, while whale actions are worth paying attention to, don’t treat them as a "follow-the-leader" guide. They plan over "quarters" or even "years," can you really hold out that long?

That’s the tricky part—understanding it doesn’t necessarily mean you can hold onto it.