Aave v3 GHO Umbrella deposits fall 38% between monitor checks

What happened

Ketju’s quantitative monitor observed that deposits in the Ethereum Aave v3 GHO Umbrella pool fell from approximately $5.55 million to $3.46 million between checks.

What changed

Observed pool deposits declined by 38%, materially reducing the pool’s monitored scale and firing the quantitative TVL-exodus alert.

What did not change

The observation does not establish a protocol incident, bad debt, withdrawal failure, asset impairment, governance change, or the cause of the outflow.

Confirmed

• The monitored pool is the Ethereum Aave v3 GHO Umbrella pool with Ketju pool ID bf0660ab-38bf-48a4-9a6c-393ec0e2ff5f.
• The monitor recorded deposits declining from $5,549,520 to $3,463,095.
• The measured decline was 38% on 2026-09-01.

Still open

• Whether the decline reflects ordinary depositor movement, an incentive change, migration, liquidity stress, or an unreported protocol development.
• Current proposed-size withdrawal depth and whether additional outflows continued after the observation.

What it means for an advisor

• Open a liquidity and capacity review for the exact GHO Umbrella pool without treating the outflow alone as evidence of impairment.
• Compare the next monitor observation with live withdrawal depth and any first-party Aave explanation before changing the memo interpretation.