Yesterday, Aave saw a net outflow of $1.44B USDT - The largest single-day outflow of USDT in Aave's history. The largest contributor to this outflow was HTX, with a single transaction withdrawal of $1.2B USDT. This action follows a daily net inflow of $775M the day prior. Crucially, these swings reflect scale more than stress. As Aave has grown, the magnitude of daily net flows has increased. This 'volatility' is simply a pattern of large holders rebalancing their stablecoin allocations—a natural byproduct of deeper on-chain liquidity. If we zoom out on the data, this becomes clear. Since early 2023, net asset flows have been steadily increasing in magnitude, at a similar rate as Aave's increases in deposits. This is particularly evident over the past few months, which coincided with Aave consistently pushing past previous ATH's. It's safe to assume that Aave continues to push toward trillions, that the magnitude of asset flows will also continue to increase.