Multicoins DeFi Disaster: Firm Spotted Dumping AAVE After Brutal 55% Drawdown

Onchain data shows Multicoin Capital is now more than $40 million underwater on a large AAVE position built through Galaxy Digitals over-the-counter (OTC) desk. The firm now appears to be selling. A $73.7 Million Bet Gone Wrong Between October 13 and November 25, 2025, Multicoin Capital received 338,005 AAVE tokens from a Galaxy Digital OTC []