On-chain analyst Yu Jin observed about 20 minutes ago (around 12:18 UTC) that a whale address borrowed an additional 32 million USDT from the decentralized lending protocol Aave and promptly used the funds to buy 18,994.5 ETH at a market price of approximately $1,704, further expanding its ETH position.
Combined with earlier moves, the whale has borrowed a total of 76.42 million USDT from Aave today, all of which was immediately deployed into ETH. The total accumulation now stands at 44,845 ETH, with an average entry price of $1,704. Yu Jin noted that the address has been highly active on-chain, executing multiple large borrow-and-buy rounds within hours, clearly signaling an intention to enlarge its leveraged long exposure to Ethereum.
Aave, as the oldest and largest decentralized lending market on Ethereum, allows users to over-collateralize crypto assets to borrow stablecoins, enabling leveraged purchases without selling other holdings. All transaction records remain publicly verifiable, offering a unique on-chain window for market observers.