Recently, an Ethereum whale made a significant purchase, acquiring 1,390 WETH for around $5.56 million, showcasing confidence in ETH's future dynamics.
Major WETH Purchase
As Ethereum crossed the $4,000 mark, a notable whale wallet, 0xaf6c, acquired 1,390 WETH for approximately $5.56 million. This move indicates strong confidence in the positive momentum of Ethereum.
Using Aave for Strategic Borrowing
Following the purchase, the whale deposited 1,390 WETH into Aave, one of the largest decentralized lending platforms. With this collateral, the whale borrowed 52.83 WBTC valued at around $6.17 million. Borrowing against WETH allowed the whale to maintain exposure to ETH while unlocking liquidity for further trades.
Converting WBTC to WETH
In the final step, the whale swapped the borrowed 52.83 WBTC back to 1,539 WETH, also worth $6.17 million. This effectively increased the whale’s WETH holdings without selling the original collateral, potentially positioning for greater gains if ETH’s price continues to rise.
This event highlights how sophisticated traders utilize DeFi platforms like Aave to maximize capital efficiency and amplify exposure, especially during key price breakouts.
