Odaily reported that, according to monitoring by on-chain analyst Ai Yi, a whale withdrew 45.495 million USDT from Binance about three and a half hours earlier. The funds were then supplied to Aave as collateral, after which the whale borrowed 10,000 ETH and sold it short. Based on the monitored figures, the borrowed ETH was worth about $17.25 million.
The same monitoring data shows that the whale has now supplied a cumulative $156 million in stablecoins as collateral and has borrowed a total of 35,388.4 ETH. The average selling price of the ETH position is $1,682.14, and the position is currently showing an unrealized loss of $1.098 million.
The data also indicates that the position will be liquidated if the ETH price rises to $3,453.36. In this transaction structure, the whale is using stablecoins as collateral on Aave, borrowing ETH against that collateral, and selling the borrowed ETH to establish an on-chain short position.