Chain data reveals that a mysterious entity, often referred to as the 'BTC OG insider whale', withdrew 11,000 ETH from Binance on January 26 and deposited them into the decentralized lending platform Aave.
In less than three hours, this address conducted two separate withdrawals from Binance totaling 22,000 ETH, all of which were subsequently deposited into Aave. Interestingly, during these transactions, the address also withdrew 30 million USDC from Aave and sent them to Binance, suggesting potential cyclic lending activity.
As of now, the address holds 83,000 ETH on Aave, valued at approximately $240 million, with $120 million USDC borrowed. The account's health factor currently stands at 1.66, indicating no immediate liquidation risk.