The bankrupt exchange Mt Gox transferred 47,228 Bitcoins from a cold wallet to a new wallet this morning. This move seemed to intensify the panic in the market. Bitcoin continued to decline, and Ethereum even fell below the $3,000 mark not long ago. In such a market atmosphere, it seems that some giant whales have been affected by emotions and made impulsive transactions.

According to information shared by on-chain data analyst Yu Jin, a giant whale sold out 26,600 ETH this morning and exchanged it for 82.52 million USDT to reduce her leverage position on the lending platform Aave. The short-term market crash also caused the price of ETH to fall. About 100 US dollars.

However, shortly after the sale, he transferred the remaining 33,765 ETH (worth over 100 million mg) in his wallet to a new address (starting with 0xa33), and deposited these ETH into Aave again to serve as collateral to lend out 80 million USDT . Then use the lent USDT to buy ETH again, which is equivalent to adding back the leverage that was just liquidated in the morning.

I don’t understand the operation of this whale. After unloading leverage 1 hour ago, he transferred the remaining 33,765 ETH ($103M) to a new address (0xa33…12c), deposited these ETH into Aave and borrowed 80 million USDT. Then he used these borrowed USDT to buy ETH again: Currently, he has spent 70 million USDT to buy back 22,713 ETH, with an average price of $3,082. … https://t.co/VlZmSdHOVQ pic.twitter.com/ZHhoOEUXNj

— Ember (@EmberCN) July 5, 2024

There have been many speculations in the community regarding the transaction behavior of this address. Most netizens believed that they might have sold the money out of panic, but regretted it and quickly bought it back after selling it. Some people jokingly said that it might be because their wallets had bad feng shui, so they wanted to change their wallets.

Although there is a high probability that the Ethereum ETF will be approved this month, many people believe that even if it is approved, it may replicate the massive outflow of GBTC in Bitcoin in January this year, causing the currency price to fall in a short period of time. However, some people deny this view because the negative premium rate of ETHE has been hovering between -2% and -1% for nearly a month. This should have provided arbitrageurs with enough exit opportunities without waiting. ETF approved.

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