Whale's new move: Extracting huge amounts of ETH from mainstream exchanges again, lending strategies surface

LiquidityWitch · 2026-01-19T08:04:26+00:00

A whale has been frequently active recently, withdrawing 32,395 ETH from the exchange and staking it to convert into stETH, using leverage strategies to expand its position. Behind this, it gains liquidity through staking and reinvests, demonstrating the sharp strategies of major players in the DeFi market.

LiquidityWitch

2026-01-19 08:04:26

Abstract generation in progress

【Blockchain Rhythm】 A big fish on the chain has been acting frequently lately. This whale previously borrowed 45 million USDT to sweep up stETH, and now it’s continuing to make moves—just withdrew 32,395 ETH from a major exchange, worth over $100 million.

Even more interesting is the underlying operational logic. This morning, a newly created wallet address withdrew 10,057 ETH from an exchange, equivalent to $33.68 million. What happened after that? It was directly staked into Lido to convert into stETH. That’s not all—the stETH was then deposited into Aave, borrowed against via a lending protocol for 45 million USDT, and then used to buy back 13,461 stETH. Finally, the newly purchased stETH was also deposited back into Aave.

What does this operation reveal? The whale is clearly using leverage strategies to expand its stETH exposure. By staking to obtain liquidity, then borrowing against that liquidity to continue buying, it’s a typical DeFi leverage play. In the context of ETH and mainstream staking tokens’ volatility, every move by such big players is worth paying attention to.

ETH-1,39%

STETH-1,51%

AAVE0,1%

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RugpullAlertOfficer

· 13h ago

Wow, I finally understand this operation. Staking, lending, and then buying again—it's really like building blocks.

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ChainDoctor

· 15h ago

Whales are showing off with this move, playing leverage like a pro, borrowing USDT to buy back, aiming to push stETH to the sky.

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CountdownToBroke

· 15h ago

Are you starting to leverage buy stETH again? This whale really dares to play.

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BugBountyHunter

· 16h ago

Playing this leverage lending again? The whales really can't sit still. Hmm, this move... feels like betting that staking rewards can cover borrowing costs, but the risk is also quite high. Staking, borrowing coins, then buying more coins—a perfect infinite loop of nesting... Smart is smart, but I'm just worried about a slip-up somewhere. Playing with 100 million USD like this, you must really believe in Lido to stack the leverage like this. Is this mining or gambling? Hard to tell.

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DataPickledFish