Half of Aave’s debt sits in just 9% of positions built around one Ethereum correlation trade

Galaxy's Aug. 7 snapshot of Aave V3 Core found 19,073 loans on the protocol after applying standard filters. Fewer than 9% of those positions are using Aave's E-mode setting, account for roughly half of all outstanding debt on the platform, and show an Ethereum correlation trade. Galaxy puts their debt-weighted loan-to-value near 90%, their average [ ]