Aave [AAVE] generated $1.62 million in daily fees, it was reported recently. Over the past 30 days, its revenue has reached $82.14 million. This proved the DeFi sector’s credit-driven protocols to generate revenue.
The Aave protocol saw a 31% month-over-month revenue growth in February, generating $13.4 million. Year-over-year, this figure was at 38%, yielding $145 million in revenue in 12 months.
Source: Glassnode
Even though borrowing demand continued to grow each month and Aave proved that it was at the core of DeFi’s credit structure, the token prices remained in a severe downtrend. The MVRV Pricing Bands above showed that AAVE was severely undervalued.
These pricing bands use the realized price and multiples of this metric to estimate levels of extreme unrealized profits and unrealized losses.
In this way, it allows market participants to understand where profit-taking activity and capitulation are likely to be at their zeniths.
The realized price of AAVE was at $191.59, and the lower realized price band (0.8 multiple) was at $152. The price of the token was well below this level and sliding lower each week.
In 2022-23, the DeFi protocol’s token prices remained at severely undervalued levels for over a year before recovering.
Whale orders, or the lack thereof, betray smart money intentions
Source: CryptoQuant
The Spot Average Order Size measures the average size of executed trades. Larger sizes indicate whale interest.
It is not always that whales are correct- for example, from October to December 2025, big whale orders were seen on exchanges.
Yet, this did not stop the AAVE downtrend. At the time of writing, the order sizes were smaller, the downtrend was still in play, and the token remained undervalued.
This undervalued argument has not yet attracted the next wave of whale orders, hinting at the potential for further price drawdown.
Source: Glassnode
Historically, the Percentage of Addresses in Profit drops to bitter lows below 10% during the depths of bear markets. Once again, the period from June 2022 to September 2023 highlighted this fact.
At the time of writing, the percentage of addresses in profit was at a respectable 30%. It signaled an ongoing bear market, but also suggested that prices have a lot more room to go down. Investor caution is necessary.
Source: AAVE/USDT on TradingView
On the price front, the bearish structure remained intact. The volume and momentum indicators confirmed sellers were in control. The rejection from $132 saw Aave token prices fall back toward the $100 support.
A drop below this support would be a strong sign of further bearish continuation. Meanwhile, a breakout above $132 is needed to shift the daily structure bullishly.
Final Summary
- Aave was severely undervalued, based on the MVRV pricing bands.
- The lack of large spot orders indicated the lack of whale buying, and another metric showed that investors might face more pain in the coming months.
