TechFlow reported on June 15 that, according to monitoring by on-chain analyst Ai Yi (@ai_9684xtpa), an ETH whale using borrowed coins to short ETH did not stop loss after ETH moved above $1,700. Instead, the address expanded its short operation. About 3.5 hours before the report, the whale withdrew 45.495 million USDT from Binance and deposited the funds into Aave as collateral.
Another 10,000 ETH Borrowed for Short Selling
After adding the stablecoin collateral, the whale borrowed another 10,000 ETH for short selling, with the amount valued at about $17.25 million under the monitoring figures. The move took place after ETH had already broken through the $1,700 level, and the address continued the same trade structure of borrowing ETH and selling it into the market.
At the time of monitoring, the address had cumulatively deposited $156 million in stablecoins as collateral and borrowed a total of 35,388.4 ETH. Its average selling price was $1,682.14. Based on the quoted figures, the position had an unrealized loss of $1.098 million, and liquidation would be triggered if ETH rises to $3,453.36.