An Ethereum whale has made a massive bet on the second-largest cryptocurrency by market capitalization after withdrawing funds from leading cryptocurrency exchange Binance and staking them, to then borrow with those holdings and buy more.
According to data first shared by on-chain analysis service Lookonchain the Ethereum whale withdrew 6,030 ETH tokens worth over $18 million from leading cryptocurrency exchange Binance as it kept on accumulating funds since the beginning of the month, to the point they managed to have 10,758 ETH worth over $32.14 million in their wallet.
The whale then swapped their ETH for Lido Staked ETH (stETH), a liquid derivative token representing Ether that’s staked on Lido, a decentralized liquid staking protocol. The tokens represent ETH that’s earning from validating transactions on the network, while being liquid to use on other decentralized finance protocols.
The whale then deposited the stETH into decentralized lending protocol Aave to borrow $28.5 million in stablecoins, which it then used to buy more ETH, effectively leveraging their position on the second-largest cryptocurrency.
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The whale’s bet on ETH comes after the cryptocurrency lost nearly 20% of its value over the last 30-day period to now trade below the $3,000 mark, while still being up around 30% year-to-date.
As CryptoGlobe reported a major ETH whale has recently cashed in on a successful year, as after purchasing a significant amount of ETH at around $1,890 per token, the whale started taking profit.
The whale first withdrew 12,906 ETH, valued at roughly $24.39 million at the time, from the leading cryptocurrency exchange Binance. The tokens were then deposited into Lido, before the whale withdrew 7,000 ETH from it and redeposited the funds on Binance to sell them.
Featured image via Pixabay.
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- Source: https://www.cryptoglobe.com/latest/2024/05/ethereum-whale-makes-massive-bet-on-eth-after-20-price-drop/
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