According to the latest report from blockchain monitoring platform Lookonchain, on January 26, the BTC OG whale has once again drawn attention. The seasoned investor not only suffered significant losses due to holding long positions in BTC, ETH, and SOL worth approximately $779 million, but has also been spotted conducting a major ETH-related operation.
New Wallet Activity Suggests Leveraged Strategy
The whale created a brand-new crypto wallet on the same day and withdrew 61,000 ETH, worth around $174.3 million, from Binance. The funds were then directly transferred to Aave, a decentralized lending platform.
Further tracking revealed that this address borrowed 60 million USDC from Aave and transferred the funds back to Binance. Analysts speculate this could be part of a leveraged strategy, potentially aimed at amplifying exposure to Ethereum-related assets.
Market Context and Strategy Insights
In the current volatile crypto environment, such moves can yield higher returns but also carry substantial risks. Especially with ETH prices fluctuating, leveraged plays could further increase pressure on the whale's financial position.
- Operation Date: January 26
- ETH Transfer: 61,000 ETH (~$174.3 million)
- USDC Loan: 60 million
- Platforms Involved: Binance, Aave
It remains to be seen what the whale will do next, but this movement offers a fresh perspective into how major players operate during turbulent market conditions.