Aave

Ethereum

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<p class="is-style-lead">A whale with a history of profiting from previous crypto market movements has stocked up on 8.5 million USDT on Binance, intending to go long on ether (<a href="https://crypto.news/price/ethereum/" data-type="URL" data-id="https://crypto.news/price/ethereum/">ETH</a>).</p>



<p>According to the on-chain expert investment analysis platform Lookonchain, a whale, who previously made more than $2.5 million from the depegging of the USDC stablecoin, exchanged 7,169 ETH valued at about $13 million for a similar amount of staked ether (stETH), which they deposited into Aave.</p>



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<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">1/ A smart whale who made ~$2.5M during <a href="https://twitter.com/hashtag/USDC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#USDC</a> depegging is long <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> on <a href="https://twitter.com/hashtag/Aave?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Aave</a>.<br><br>Today, this whale:<br><br>&#8211; Exchanged a total of 7,169 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a> for 7,169 <a href="https://twitter.com/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$stETH</a>.<br><br>&#8211; Deposited 7,169 <a href="https://twitter.com/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$stETH</a> into <a href="https://twitter.com/hashtag/Aave?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Aave</a>.<br><br>&#8211; Borrowed 8.45M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a>.<br><br>&#8211; Deposited 8.45M <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$USDT</a> to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Binance</a> (possibly buying <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>). <a href="https://t.co/6T700Jm6Om" target="_blank">pic.twitter.com/6T700Jm6Om</a></p>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1661291447252049921?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 24, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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<p>Per the transaction records, the whale then used the staked ether on <a href="https://finance.yahoo.com/news/aave-v2-users-temporarily-unable-065639873.html" target="_blank" rel="noreferrer noopener">Aave</a> to borrow 8.45 million USDT, which they then proceeded to <a href="https://crypto.news/bitcoin-ethereum-on-centralized-exchanges-at-multi-year-lows/" target="_blank" rel="noreferrer noopener">deposit</a> into Binance, a move Lookonchain posited would end in the whale buying ETH.</p>



<p>Lookonchain claims that, in total, the whale ended up depositing 28,755 stETH on Aave worth approximately $52 million and, in turn, borrowing 36 million USDT from the DeFi protocol.</p>



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<h2 class="wp-block-heading" id="strong-smart-money-on-eth-hitting-2-000-strong"><strong>Smart money on ETH hitting $2,000</strong></h2>



<p>The whale’s roundabout process ensures they can trade and go long on ETH using the Aave loan rather than their funds.</p>



<p>Coming from such a seasoned player in the crypto market, the move could be interpreted as the belief that the price of ETH is due for a lift in the coming days.</p>



<p>At the time of writing, ETH was changing hands at $1,816, with a 24-hour trading volume of about $6.5 billion, per <a href="https://www.coingecko.com/en/coins/ethereum" target="_blank" rel="noreferrer noopener">CoinGecko</a>. While it represents a 2.15% drop from the previous day’s price, it’s a 0.52% bump across the last seven days.</p>



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<p>ETH has largely demonstrated stability in its price movements in the last week, suggesting confidence and investor trust despite overall <a href="https://crypto.news/ethereum-dips-as-pepe-whales-take-profits/" target="_blank" rel="noreferrer noopener">market fluctuations</a>.</p>



<p>Many analysts still <a href="https://finbold.com/machine-learning-algorithm-sets-ethereum-price-for-june-1-2023/" target="_blank" rel="noreferrer noopener">predict</a> that ETH will hit the $2,000 mark soon. However, it must turn the $1,900 level into a support floor and avoid any <a href="https://crypto.news/ethereum-holders-are-at-loss-despite-the-bullish-spur/" target="_blank" rel="noreferrer noopener">severe decline</a> in value.</p>



<p>Lookonchain is forecasting that the whale will liquidate their stETH deposits when the price of ETH may have dropped by at least 20% to $1,511. If that happens, it will result in about $9 million in losses for the whale.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</p>



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Crypto whale goes long on ETH, hinting at possible price jump

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