According to BlockBeats, on July 5th, a crypto whale transferred the remaining 33,765 ETH, worth $103 million, to a new address after unloading its leverage. The whale then deposited these ETH into Aave and borrowed 80 million USDT. The borrowed USDT was then used to repurchase Ethereum. As of now, the whale has spent 70 million USDT to buy back 22,713 ETH at an average price of $3,082.
The whale's actions indicate a significant movement of Ethereum within the crypto market. The decision to unload leverage, move the Ethereum to a new address, and then reinvest in Ethereum using borrowed USDT suggests a strategic approach to managing their crypto assets. The whale's actions could potentially influence the Ethereum market, given the large amount of Ethereum involved.
The use of Aave, a decentralized finance protocol that allows users to lend and borrow a diverse range of cryptocurrencies, also highlights the growing popularity of DeFi platforms in the crypto market. The whale's decision to borrow USDT to reinvest in Ethereum could be seen as a vote of confidence in the Ethereum market, despite the recent volatility in the crypto market.