Whales Withdraw $28.9M ETH, Borrow $12M USDT via Aave

• 14,217 ETH ($28.95M) withdrawn from Binance in 9 hours.
• Whales borrowed $12M USDT using ETH on Aave.
• Stablecoins redeposited to Binance and OKX exchanges.

Ethereum Whales Make Big Moves as ETH Breaks $2K

As Ethereum (ETH) surged past the $2,000 mark, whale activity surged alongside it. In the past 9 hours, three large crypto whales jointly withdrew a total of 14,217 ETH—valued at approximately $28.95 million—from Binance. The average withdrawal price was $2,036 per ETH, signaling strong confidence in Ethereum’s near-term potential.

Such significant withdrawals from centralized exchanges often indicate a bullish sentiment, suggesting that whales expect prices to rise further and are positioning their assets accordingly.

Borrowing Stablecoins: $12M USDT on Aave

After moving their ETH holdings off Binance, the whales utilized the decentralized lending protocol Aave to leverage their positions. Using the withdrawn ETH as collateral, they borrowed a combined total of $12 million USDT, a leading stablecoin. This strategic move hints at further trading plans or potential yield-generating strategies using the borrowed funds.

Notably, the USDT was not left idle. The whales quickly transferred the stablecoins back to Binance and OKX, two major crypto exchanges, possibly preparing for large trades or further positioning.

Market Implications: Bullish or Strategic?

The whales’ synchronized actions—withdrawal, borrowing, and redeposit—may be viewed as a bullish signal. By moving ETH off-exchange and leveraging it for stablecoins, these investors may be expecting ETH’s price to climb further, while using the borrowed USDT for additional investments or liquidity maneuvers.

Such movements can influence Market sentiment, and traders are watching closely to see if this signals a broader trend of accumulation and leverage as Ethereum’s rally gains momentum.