Interesting operations have been discovered by me. A big whale has moved a large position again in the past 48 hours—withdrawn 2836 ETH from a major exchange in one go, worth about 9.15 million USD. This guy didn't directly dump or cash out; instead, he moved the ETH into Aave for lending, borrowed 6.2 million USDT from it, and then re-deposited the stablecoins back into the exchange to continue leveraging long.

Even more astonishing is the historical accumulation scale of this address. Since December 5th, this giant whale has accumulated a total of 50,152 ETH, with a total investment of 156 million USD. The most interesting part is that his average cost basis is only $3,117—at the current price, this position is already floating a profit of 6.207 million USD.

This operational logic is quite clear: large withdrawal → Aave lending to obtain stablecoins → return to the exchange to go long, forming a closed loop. It seems this big investor is quite optimistic about ETH's future, using borrowing tools to maximize leverage positions.