Ethereum Whale Buys $1.33B in ETH Using Aave Borrowed Funds
A major whale used the Aave lending protocol to leverage a $1.33 billion ETH purchase, using $270 million in borrowed stablecoins.
Quick Take
Summary is AI generated, newsroom reviewed.
A whale bought a massive $1.33 billion worth of Ethereum (ETH) between November 4 and 12.
The buying power was fueled by borrowing $270 million in stablecoins (USDC/USDT) from the Aave protocol.
The collateral for the loan is over $584 million in Wrapped ETH (WETH), maintaining a health ratio of 2.1.
The highly leveraged position suggests strong bullish conviction in ETH, though it risks volatility if prices drop below the liquidation threshold (Health Factor < 1).
An Ethereum whale has caught the crypto community’s attention. After making a massive $1.33 billion ETH purchase using borrowed funds from Aave. One of the largest decentralized lending platforms. The on-chain activity, flagged by blockchain analytics firm Lookonchain. It shows a string of high-value Ethereum buys between November 4 and November 12. This marks one of the biggest leveraged ETH acquisitions in recent memory. The wallet, now dubbed the “66k ETH Borrow Whale,” appears to be aggressively accumulating ETH. While borrowing stablecoins to finance the trades.
$1.33 Billion ETH Accumulation Spree
According to on-chain data, the whale is linked to several addresses, including 0x85e05C, 0x6e9e81E, and 0xE5C248D. It has purchased a total of 385,718 ETH, valued at $1.33 billion at current prices. Within the past 24 hours alone, the whale added 30,548 ETH, worth about $105.3 million.
Interestingly, around $270 million of the buying power was sourced through borrowed stablecoins on Aave, primarily USDC and USDT. The whale appears to have used ETH deposits as collateral before taking loans. Then, recycling the borrowed funds to buy even more ETH.
Data from Aave shows the whale’s positions totaling over $584 million supplied in wrapped ETH (WETH), with $270 million in stablecoins borrowed. It maintains a health ratio of around 2.1. Still within safe limits but heavily leveraged.
Massive Leverage and Exchange Movements
On-chain transaction history paints a detailed picture of how the whale operates. Large transfers show tens of millions in USDC being borrowed from Aave. This was sent to Binance hot wallets and converted into ETH. The wallet then moves the ETH back into DeFi addresses, likely to maintain liquidity or collateralize further loans.
For instance, within a single hour, the whale borrowed $30 million USDC, swapped it into 12,687 ETH. Then deposited the tokens into decentralized protocols. Similar transactions occurred multiple times throughout the day, suggesting a strategic accumulation pattern rather than random market timing. Market watchers say this kind of activity can amplify ETH price volatility. Especially if the whale faces liquidation pressure, should Ethereum prices drop significantly.
Another Whale Joins the Buying Frenzy
Adding to the intrigue, a second large investor identified as address 0x9992. He has also joined the leveraged ETH buying wave. This whale recently borrowed $10 million USDC from Aave to purchase around 2,909 ETH.
He added to an existing stash of 83,816 ETH worth nearly $289 million. The wallet currently has over $122 million borrowed in stablecoins. It is showing similar risk appetite and strategy.
Market Speculation Heats Up
The coordinated ETH accumulation by multiple whales using borrowed funds. It has fueled speculation about a potential Ethereum rally ahead of the rumored ETH ETF approval window in early 2026. However, analysts warn that such aggressive leverage could trigger major volatility if traders breach liquidation thresholds. Currently, these whales appear confident, doubling down on Ethereum’s upside potential. While DeFi observers watch closely for what could be the next big catalyst in ETH’s price cycle.
References
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