A wallet linked by Arkham to Trend Research founder Jack Yi moved 150.475M USDC to Binance after a rapid series of on-chain transactions, a shift widely read by the market as preparation for a sizable ETH long position. The sequence, from retrieving ETH to moving stablecoins onto the exchange, took less than 15 minutes.
Short closed, collateral posted, USDC borrowed
According to the on-chain record cited in the source material, the address had earlier sent 13,000 ETH to a Binance deposit address, a move first seen as exchange positioning but later tied to an ETH short setup. It then withdrew 27,001 ETH from a Binance hot wallet, which the market interpreted as the key step in closing that short.
After that, the address deposited 7,000 ETH and 20,000 ETH in batches into Aave’s WrappedTokenGateway as collateral. The same record showed 100M AETHUS burned and sent to the Null Address, followed by a loan of 100.003M USDC from Aave. The final step was a transfer of 150.475M USDC to a Binance deposit address.
A volatile ETH trading track record
The source says Jack Yi had already drawn attention in late 2025 and early 2026 after building what it described as the largest single ETH leveraged long on Aave. When ETH fell to about $1,750, the position showed paper losses of as much as $686 million. Within 48 hours, he reportedly sold 155,000 ETH, worth about $350 million, to repay DeFi borrowing.
He later flipped to an ETH short. On-chain data cited in the report put profit from that short stretch at roughly $24.48 million. This latest reversal came as ETH rose about 3.5% over the past 24 hours, trading in a range of $2,105 to $2,187, prompting another switch in positioning through short covering, collateral deposits, USDC borrowing, and exchange funding.
Attention now shifts to Binance activity
Market watchers are now focused on what happens to the 150.475M USDC inside Binance. The original report said that if the full amount were used to build an ETH long at prevailing prices, it could buy more than 70,000 ETH. Jack Yi had not made any public statement on the transactions at the time of publication, leaving the current interpretation based on wallet activity and fund flows.