According to on-chain analyst Ember, a whale has executed a leveraged long position on Ethereum through two separate addresses on the decentralized lending protocol Aave. The whale borrowed approximately 44.42 million USDT and used it entirely to purchase 25,851 ETH, with an average entry price of around $1,718 per ETH.
On-chain data reveals that the health factor of one of the addresses stands at 1.23, indicating that the current collateral value is about 1.23 times the borrowed amount. The liquidation price for this position is estimated at roughly $1,355, meaning ETH would need to decline by about 21% from the entry price to trigger liquidation. Details regarding the other address's position have not been disclosed yet.
As one of the largest decentralized lending protocols in the Ethereum ecosystem, Aave allows users to collateralize assets and borrow stablecoins for leveraged investments. The whale's move exemplifies this mechanism—using a smaller amount of own capital to gain a larger exposure to ETH, reflecting a bullish outlook on its near-term price trajectory.