Onchain Lens monitoring has detected a major Ethereum whale address that has sprung back to activity after a three-year slumber. The address had no on-chain activity between 2023 and 2026, but recently deposited a large amount of ETH into Aave V3 and initiated a leveraged buying spree, drawing attention from analytics platforms. Its original holding was 38,554 ETH, valued at roughly $64.28 million.
The whale's path was clear: first, it supplied 20,000 ETH (about $33.28 million) as collateral into Aave V3 and borrowed 30 million USDT. Then, using the entire loan, it snapped up 17,826 ETH at a price of $1,683 per token. In the DeFi world, this ETH-collateral→USDT-borrow→ETH-buy sequence is known as cyclical lending, which essentially amplifies ETH exposure without injecting fresh capital – though it also introduces liquidation risk if the collateral value drops.
After the transaction, the whale's total ETH stash rose from 38,554 to 56,380 ETH, now worth approximately $94.04 million based on current prices. Onchain Lens noted in its report that the whale may continue acquiring ETH, hinting at a further bullish outlook. As of the monitoring snapshot, the address still holds all positions with no signs of selling.