Whale Doubles Down on ETH, Leverages Debt to Accumulate
A significant Ethereum accumulation play is unfolding as a mysterious whale, identified by the address 0x9f748d74209f2ec2e06d675e6a2df208235e26d8, has further increased its ETH holdings.
In the past four hours alone, this whale borrowed an additional 2.65 million USDT from Aave and utilized the funds to purchase 1,012 ETH at an average price of $2,618. This aggressive buying strategy comes on the heels of a four-day accumulation spree that saw the whale acquire a total of 7,140 ETH at an average cost of $2,694, amounting to a substantial investment of $19.2 million.
The whale's current position is leveraged, with all 7,140 ETH supplied as collateral on Aave. To fund this position, they've taken out loans totaling 5.15 million USDT, 65 WBTC (worth approximately $3.8 million), and 2 million DAI. Despite the recent price dip, the whale maintains a healthy loan-to-value ratio of 1.42.
While the whale's bullish bet on Ethereum is evident, the current market conditions have resulted in an unrealized loss of $532,000 or 2.76% on their ETH holdings.
