ETH Whale Borrows $120M USDT from Aave, Deposits to Binance
On November 13, on-chain analytics firm Lookonchain observed that a prominent ETH whale — which previously accumulated 385,718 ETH (approximately $1.33 billion) after earlier borrowing to short — has borrowed an additional 120 million USDT from the Aave protocol. The whale transferred the full USDT amount into Binance. This ETH whale’s move suggests a preparation for further ETH accumulation, signalling renewed bullish sentiment. Traders should watch for potential upward pressure on ETH prices as large-scale on-chain borrowing and deposits often precede major buying events.
Bullish
This event is bullish because the whale’s additional 120 million USDT borrowed from Aave and deposited to Binance indicates an imminent large-scale ETH purchase. Historically, major on-chain borrowing events by whales have preceded significant ETH price rallies, as traders convert borrowed stablecoins into ETH. In the short term, the inflow of capital to Binance could drive upward price pressure; in the long term, continued accumulation by large holders may reduce circulating supply and reinforce bullish sentiment. Similar past events saw ETH rally following whale-driven borrow-and-buy strategies.