In the time it takes to eat a meal, a certain whale address has quietly completed a major move—accumulating over 103,900 stETH, with a single-day position building value approaching $334 million. Even more impressive, this stETH has been used as collateral on Aave, with $200 million USDT borrowed against it, maintaining a health factor of 1.36.

Coincidentally, another whale address is also employing the same strategy—borrowing 75.01 million USDT in just two days while simultaneously accumulating nearly 38,800 stETH. The operation pace, scale, and direction of both addresses are highly aligned, both rapidly leveraging through the chain of staking stETH and borrowing USDT.

The underlying intention behind this wave of activity is intriguing: is it optimistic about the market’s future and preparing to leverage long positions, or is it laying the groundwork for other strategies? The activity in the DeFi lending market has been reignited.