Key Points:
- Stani Kulechov sold ~4,503 ETH through CoW Protocol for about $8.36M.
- Swaps were executed in five tranches with proceeds returned as USDC.
- Transactions followed a large deposit from a Gnosis Safe proxy into the wallet.
- Wallet still holds a large AAVE position; ETH exposure is now small.
Aave founder Stani Kulechov moved roughly 4,503 WETH (wrapped Ether), equivalent to about 4,503 ETH, late Thursday, converting the position into USDC through a series of swaps routed via CoW Protocol’s settlement contract, according to on-chain data tracked by Arkham Intelligence.
The transactions occurred as ether fell below the $2,000 level during a broader market sell-off that has weighed on digital assets over the past week.
Arkham attributes the wallet involved to Kulechov based on historical tagging and prior interaction patterns. The address executed several swap legs, including transfers of approximately 2,084 WETH, 1,012 WETH, 792.5 WETH, and 479.4 WETH, totaling about 4,503.6 WETH.
On-chain records indicate that USDC inflows are returning to the same wallet in near-matching amounts. The combined swaps generated an estimated $8.36 million in proceeds at an average execution price of roughly $1,857 per ETH.
Arkham data also shows that approximately 6,349 ETH was deposited into the wallet from a Gnosis Safe proxy address several hours before the swaps took place, suggesting the funds were staged prior to execution.
Founder Activity Adds Color to Ethereum’s Risk-Off Phase
Founder-linked wallet activity often draws attention during periods of market stress, even when the transactions themselves are modest relative to overall liquidity. In this case, the use of CoW Protocol suggests an execution strategy designed to limit slippage and avoid signaling risk, rather than an urgent exit from ether exposure.
Ethereum regularly processes tens of billions in daily volume, so a sale of this size is unlikely to move the price on its own. Still, such moves add to a growing body of on-chain evidence showing large holders actively repositioning as ether trades below key psychological levels.
Importantly, there has been no corresponding change in Aave governance activity or protocol-level signals that would indicate a shift in strategy. For now, the transactions appear consistent with routine portfolio rebalancing amid heightened volatility, rather than a broader loss of confidence in Ethereum or decentralized finance.
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