Ethereum Whale Profits $24.48M by Covering 66,000 ETH Short and Buying ETH on Binance With USDC Collateral

COINOTAG News, citing on-chain analyst Yu Jin, notes that a whale or institutional actor borrowed 66,000 ETH on October 20 to establish a short position and repaid the loan yesterday, locking in an estimated profit of $24.48 million. The trade underscores persistent leverage activity in the ETH market and the role of on-chain signals in dictating risk appetite.

From last night through this morning, it transferred 482 million USDC to Binance and withdrew 144,255 ETH, with an average price near $3,341. The USDC used as collateral for the prior ETH short run was originally 700 million USDC, borrowed to back 66,000 ETH; following repayment, the collateral was redeployed to acquire additional ETH.