ETH Whale Resumes Buying Spree After Market Dip
Major ETH whale withdraws $119M in ETH from Binance after borrowing $85M USDT, signaling renewed buying interest.
- Whale borrowed $85M USDT from Aave and sent it to Binance
- Withdrew 38,576 ETH worth $119M from Binance
- Whale had previously purchased $1.5B in ETH
After a period of market decline, one of the most influential Ethereum whales has jumped back into the action. Known in the crypto community as the #66kETHBorrow Whale, this investor previously bought nearly 490,000 ETH worth $1.5 billion. Now, new on-chain activity suggests this whale is accumulating again, potentially signaling renewed confidence in ETH.
Massive Borrowing and ETH Withdrawal from Binance
In the past 8 hours, this whale borrowed a whopping $85 million USDT from the decentralized lending protocol Aave, and then transferred the entire amount to Binance. Soon after, the same wallet withdrew 38,576 ETH, valued at approximately $119.3 million, from Binance.
This strategic move shows that the whale likely used the borrowed USDT to buy ETH on Binance and then pulled the assets into a self-custodial wallet — a typical sign of long-term holding intentions.
What It Means for Ethereum and the Market
Large-scale ETH purchases by whales often suggest growing confidence in Ethereum’s future price action. Despite the recent market dip, this move indicates that influential investors may see the current price as a buying opportunity.
Such behavior can also affect market sentiment. If more whales follow suit, it could create upward pressure on ETH prices or at least help stabilize the current downtrend.
While retail investors often panic during downturns, whales tend to use dips as accumulation phases — and this latest move is a textbook example.
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