ETH Whale withdraws $18.09 million from Binance and uses Aave to leverage future Ethereum purchases.
Recent data from blockchain monitoring company Lookonchain indicates unusual activity involving a large Ethereum holder, also known as a ‘whale’. According to reports, the Ethereum whale withdrew a significant amount of 6,030 ETH from Binance, which amounts to $18.09 million.
This is part of a bigger pattern for this whale, who has consistently increased his Ethereum holdings since May 2. The whale withdrew a total of 10,758 ETH, or approximately $32.14 million, from Binance.
This Ethereum whale’s operations include more than just withdrawals. The whale then converted the withdrew Ethereum to stETH and placed it into the DeFi lending platform, Aave.
Following the deposit, the whale leveraged their holdings by borrowing $28.5 million worth of stablecoins from Aave. It appears that the borrowed monies were subsequently utilised to purchase additional Ethereum.