According to on-chain monitoring by Onchain Lens, a whale address that had been dormant for approximately four months (around 120 days) has resurfaced with a significant leveraged trade. The address borrowed 10 million USDT from a lending protocol and immediately used the funds to acquire 5,589 ETH at an average price of $1,789 per token.
USDT, as the largest stablecoin by market cap, is frequently used by large holders to leverage up on-chain. The purchase amount matched the borrowed USDT almost exactly, resulting in a fully levered position. Prior to this move, the address was already a substantial ETH holder. On-chain data suggests it previously held about 77,165 ETH, bringing its total to 82,754 ETH after the new buy, now valued at around $147.3 million at current market prices.
The timing of the trade is noteworthy: it occurred as ETH traded near $1,789, having dipped below the $1,800 level. By borrowing to buy, the whale effectively increased its risk exposure in the asset. On-chain transparency allows the community to track such large movements in real time. After four months of silence, this multimillion-dollar leveraged entry offers a concrete data point for interpreting whale sentiment around current ETH price levels. It also underscores the value of on-chain data, as decentralized lending and DEX records provide actionable insights when centralized exchange order books remain opaque.