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Whales bought ETH with USDT during the May decline. What are the on-chain whales doing now?
【Crypto World】Recently, an interesting on-chain movement — a whale, during the May 27th dip, collateralized 15,000 ETH on Aave and borrowed 40 million USDT in one go. This money didn’t sit idle; it was immediately used to buy 10,389 ETH at an average price of around $3,850 on Binance.
This move appears to be borrowing stablecoins while contrarily increasing ETH holdings, a classic leveraged position strategy. When the market is in panic, large holders tend to accumulate chips, and such movements have always been worth paying attention to — often reflecting the judgment of some savvy funds. From on-chain data, these large transactions themselves indicate that someone is betting on the future market direction.