Whale Strategy Revealed: Leveraging Aave to Borrow 36M USDT and Acquire ETH for Profit

On February 26, a major crypto whale executed a significant on-chain transaction, converting BTC into ETH and leveraging DeFi protocols to increase their ETH holdings. According to data from Onchain Lens, the whale first used THORChain to swap 240.44 BTC (worth around $15.7 million) into 8,152 ETH at an exchange rate of 0.02945.

Whale's Aave Borrowing Strategy

The whale then deposited the 8,152 ETH into Aave, a decentralized lending platform, and utilized the platform's flash loan feature to borrow 36 million USDT.

This USDT was immediately used to purchase an additional 17,283 ETH at an average price of $2,083, significantly boosting the whale's ETH position.

Current Holdings

As a result, the whale now holds a total of 25,434.5 ETH, which is estimated to be worth around $52.45 million at current market prices.