According to on-chain analytics platform Onchain Lens, on January 26, a newly created wallet address withdrew 11,000 ETH from the Binance exchange within just 40 minutes. At the current market price, the transaction was valued at approximately $31.78 million.
Depositing ETH into Aave V3 and Borrowing 30 Million USDC
Shortly afterward, the address deposited all the ETH into the Aave V3 protocol, successfully borrowing 30 million USDC. The borrowed funds were then transferred back to Binance, likely used to purchase more ETH.
This is not the first time this address has conducted large-scale transactions. Previously, on-chain monitoring account Lookonchain labeled it as a whale linked to early Bitcoin adopters.
Total ETH Holdings Reach 72,000
To date, the whale’s total ETH holdings have reached 72,000 ETH. At the current ETH price, this amount is worth approximately $208.5 million.
- Single transaction involved 11,000 ETH
- Borrowed 30 million USDC after depositing into Aave V3
- Funds redirected to Binance to buy more ETH
- ETH holdings now worth over $200 million
The whale’s on-chain behavior continues to draw market attention, with many analysts suggesting that its strategy could indicate movements by institutional-grade capital.