- Ethereum Whale Moves $35M in ETH: A mysterious wallet labeled “0x2b0aD” withdrew 13,800 ETH worth $35.26 million from Coinbase and used it to partially repay an outstanding Ethereum loan on Aave, burning 13,750 ETH in the process.
- Debt Still Outstanding: Despite the repayment, the wallet still holds a debt of 32,377.6 WETH, valued at approximately $82.61 million, raising questions about the whale’s strategy amid Ethereum’s fluctuating price action.
- Motives Unclear – Risk Management or Strategic Play?: The move could signal a risk management tactic or a strategic repositioning, as Ethereum remains volatile around the $2,600 level and continues to trend lower against Bitcoin.
A mysterious whale just moved a massive amount of Ethereum – 13,800 ETH – from Coinbase, worth around $35.26 million at current prices. But it didn’t just sit on the funds. Shortly after, the same wallet turned around and repaid part of its Ethereum loan on Aave.
What Happened?
The wallet, tagged as “0x2b0aD,” used the withdrawn ETH to pay off variable-rate Ethereum debt borrowed against cBTC, a wrapped version of Bitcoin on Coinbase. According to blockchain data, 13,750 ETH of the loan token was burned, and about 13,800 ETH got sent back to Aave’s lending pool.
But it wasn’t a full repayment. Despite sending back a large chunk of ETH, the wallet still has an outstanding debt of 32,377.6 WETH, worth roughly $82.61 million. So, what’s the play here? Is this whale deleveraging, hedging, or setting up for something bigger? Hard to say just yet.
Why It Matters
Reducing debt exposure could mean the whale is looking to manage risk amid recent market fluctuations. Ethereum’s been bouncing around the $2,600 level, showing some signs of recovery, but it’s still stuck in a longer-term downtrend against Bitcoin.
Meanwhile, speculation swirls around the whale’s motive – is it expecting a price drop, repositioning assets, or simply reducing leverage to play it safe? No further moves have been made by the wallet so far, but eyes are peeled for the next big move.
For now, it’s a waiting game – and with $82 million still on the line, things could get interesting fast.
