Whale that earned 24.48 million dollars from shorting Ethereum switches to large-scale buying strategy
Summary
- It reported that a whale that recently earned about 24.48 million dollars from shorting Ethereum (ETH) appears to have switched to large-scale buying.
- The whale added 38,576 ETH worth about 119 million dollars after about a 23-day gap, and the total purchase amount over the past 40 days reached about 1.723 billion dollars.
- Particularly, it reported that the fact the purchase was executed using leverage on Aave is drawing investors' attention.
A whale or institutional investor who earned tens of millions of dollars from shorting Ethereum (ETH) appears to have recently switched to a large-scale buying strategy.
On the 15th (local time), Amber CN reported that the whale added 38,576 ETH after about a 23-day hiatus, with the purchase amount reaching about 119 million dollars. This move came after it realized about 24.48 million dollars in profit from Ethereum short positions during the earlier downtrend.
The whale accumulated a total of 528,000 Ethereum over the past 40 days, with total purchase amount of about 1.723 billion dollars. The average purchase price is around 3,261 dollars, and the current unrealized loss is estimated at about 105.7 million dollars.
Notably, this purchase used leverage rather than all cash. The whale provided Ethereum as collateral on the DeFi lending protocol Aave and borrowed about 750 million USDT to buy. This corresponds to roughly 2x leverage.
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
