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Just came across an interesting on-chain data point: a major whale a while ago swapped Bitcoin for Ethereum on ThorChain, using USD to acquire ETH as part of their strategy. Specifically, this guy exchanged over 240 BTC (worth nearly $15.7 million at the time) directly for over 8,000 ETH.
What's even more interesting is that this individual didn't stop there; instead, they deposited all the ETH into Aave, used leverage to borrow 36 million USDT, and then used that money to buy more ETH. In the end, this address now holds over 25k ETH, with a total value of roughly $25k.
This operation seems to be exchanging USD for ETH while leveraging through Aave's lending mechanism, betting that ETH will continue to rise. This kind of strategy is really risky, but it also shows that some big players are quite optimistic about ETH's future prospects.