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- An Ethereum whale has made a significant bet on the second-largest cryptocurrency, Ethereum, by withdrawing funds from Binance and staking them.
- The whale has accumulated over 10,758 ETH worth over $32.14 million and leveraged their position by borrowing $28.5 million in stablecoins to buy more ETH.
- This move comes after Ethereum lost nearly 20% of its value over the last 30-day period, trading below the $3,000 mark.
An Ethereum whale bets big on the second-largest cryptocurrency, leveraging their position by borrowing stablecoins to buy more ETH, despite the recent 20% drop in its value.
Ethereum Whale Makes Massive Bet on ETH
An Ethereum whale has made a significant bet on the second-largest cryptocurrency by market capitalization. The whale withdrew 6,030 ETH tokens, worth over $18 million, from leading cryptocurrency exchange Binance. They have been accumulating funds since the beginning of the month, managing to have 10,758 ETH worth over $32.14 million in their wallet.
Whale Leverages Position with Stablecoins
The whale then swapped their ETH for Lido Staked ETH (stETH), a liquid derivative token representing Ether staked on Lido, a decentralized liquid staking protocol. They then deposited the stETH into decentralized lending protocol Aave to borrow $28.5 million in stablecoins. They used these stablecoins to buy more ETH, effectively leveraging their position on the second-largest cryptocurrency.
ETH Value Drops 20% in Last 30 Days
The whale’s bet on ETH comes after the cryptocurrency lost nearly 20% of its value over the last 30-day period, now trading below the $3,000 mark. Despite this, it is still up around 30% year-to-date.
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Previous ETH Whale Takes Profit
As reported earlier, a major ETH whale has recently cashed in on a successful year. After purchasing a significant amount of ETH at around $1,890 per token, the whale started taking profit. They first withdrew 12,906 ETH, valued at roughly $24.39 million at the time, from Binance. The tokens were then deposited into Lido, before the whale withdrew 7,000 ETH from it and redeposited the funds on Binance to sell them.
Conclusion
This Ethereum whale’s significant bet on the cryptocurrency, despite its recent value drop, highlights the ongoing confidence in Ethereum’s potential. It also underscores the growing trend of leveraging positions through borrowing stablecoins to buy more cryptocurrency. As the crypto market continues to evolve, such strategies may become increasingly common.
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