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A Whale went long on ETH with leverage within 9 hours: mortgaged 78,000 coins to borrow 100 million USDT and then withdrew coins.
[Chain News] Today I noticed an interesting on-chain action. A large investor recently made some moves in the past 9 hours: first, they collateralized 78,444 ETH on Aave and borrowed exactly 100 million USDT. The health factor is still at 2.33, which is considered a relatively stable leverage level.
Then what? This guy deposited USDT into a certain leading exchange, and immediately withdrew 44,287 ETH, worth about 156 million USD. Calculating, the average price is around 3,532 USD.
This wave of operations is essentially a classic leveraged long on ETH. Use the ETH in hand as collateral to borrow stablecoins, and then use the stablecoins to buy more ETH. If ETH rises, the profits are magnified; but if it falls below the liquidation line, the losses are also multiplied.
From the data, it is clear that this person is optimistic about the future of ETH, otherwise they wouldn't be leveraging such a large amount. However, speaking of which, operations of this scale are generally not something that retail investors can emulate, as their risk tolerance is not on the same level.