ChainCatcher reported, citing monitoring by an on-chain analyst, that a whale withdrew 45.495 million USDT from Binance around three and a half hours earlier. The address then supplied the USDT to Aave as collateral and borrowed 10,000 ETH to open a short position. According to the source data, the borrowed ETH was valued at about $17.25 million.
Aave Debt Position and Liquidation Level
The monitored address has currently supplied a total of $156 million in stablecoins and borrowed 35,388.4 ETH. The average selling price of the ETH position is recorded at $1,682.14. Based on the latest figures in the report, the position is showing an unrealized loss of $1.098 million.
The on-chain analyst’s liquidation condition shows that if ETH rises to $3,453.36, the whale’s related borrowing position will be liquidated. Aave is an on-chain lending protocol where users can deposit assets as collateral and borrow other assets; in this case, the recorded sequence was a USDT withdrawal from Binance, stablecoin collateral supplied to Aave, ETH borrowed, and then ETH sold short.