On February 2nd, two major Ethereum whales sold approximately $371 million worth of ETH within just 48 hours to repay outstanding loans on Aave. This series of on-chain operations occurred amid intense volatility in the DeFi market, indicating that high-leverage funds are actively reducing risk exposure and also raising market concerns about Ethereum’s price trajectory and the security of DeFi lending.
On-chain data shows that BitcoinOG (1011short) transferred out 121,185 ETH, worth about $292 million, over two days, and withdrew approximately $92.5 million in stablecoins to repay Aave debts. The remaining fund usage has not been disclosed, possibly for rebalancing or liquidity management. Despite this, the address still holds over 30,000 BTC and a large amount of ETH, remaining one of the most influential individual holders in the crypto market. This operation is viewed as active deleveraging rather than a liquidation trigger.
Another entity, Trend Research, sold 33,589 ETH, about $79 million, within 20 hours, nearly all of which was used to repay Aave loans. The organization still holds over 610,000 ETH and has been one of the most active long-term holders recently. Previously, it borrowed large amounts of stablecoins via Aave to buy ETH, and now it is beginning to unwind leverage, reflecting cautious responses to short-term market fluctuations.
Notably, on January 31st, Aave completed over $140 million in automatic liquidations across multiple chains, while this $371 million sell-off was voluntary debt repayment. The two events occurred within 48 hours, highlighting the coexistence of pressure and stability in DeFi lending systems during high volatility periods.
Despite the short-term risk increase, Aave’s ETH deposit size still reached a new high in January, and the protocol continues to rank first in DeFi locked assets. For the market, this whale deleveraging appears more like an upgrade in risk management, adding new uncertainties to the crypto market outlook for 2026.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitmine Crosses $10B in ETH Holdings and Stakes $200M As the 4% Target Comes Into View
Tom Lee’s Bitmine purchased $140.74 million in ETH over the past week, bringing its total holdings to $10.03 billion. For context, Michael Saylor bought $75 million in Bitcoin over the same period. Lee outspent Saylor on crypto this week, and the gap was not close. Bitmine also staked $200 million w
BlockChainReporter27m ago
Ethereum Holds Between Key MVRV Levels as Market Awaits Breakout
KEY HIGHLIGHTS
Ethereum stalls between MVRV levels, hinting at a major breakout soon
ETH range tightens as bulls and bears battle for market direction
Key MVRV zone puts Ethereum at a decisive technical crossroads
Ethereum consolidation signals a potential sharp move ahead
ETH volatility
CryptoBreaking55m ago
Swing whale "pension-usdt.eth" short position unrealized loss narrowed to $3.45 million
Gate News reported that on March 24, according to HyperInsight monitoring, on March 25, the swing whale address "pension-usdt.eth" holds a large short position with floating losses narrowed to $3.45 million. Specific position details: the address is shorting 500 BTC with 3x leverage at an average entry price of $68,884.2; shorting 30,000 ETH with 3x leverage at an average entry price of $2034.47.
GateNews1h ago
US CFTC Chairperson Announces Establishment of "Innovation Task Force" to Define Regulatory Guidelines for Crypto Assets, AI, and Prediction Markets
U.S. CFTC Chair Michael S. Selig announced the establishment of an "Innovation Task Force" that will work with the Innovation Advisory Committee to develop regulatory frameworks for crypto assets, AI automated systems, and prediction markets to promote fintech innovation and ensure U.S. market participants are not excluded. The task force will coordinate with the SEC's crypto task force to address overlapping regulatory issues.
動區BlockTempo1h ago
CESR Benchmark and Insurance-Backed Staking Products Promote the Institutionalization of ETH Staking
Some traditional financial institutions have taken a cautious stance toward staking due to existing risks. Jordan Knecht mentions that a new generation of insurance-backed staking products like CESR are changing this landscape by providing more stable returns, reducing risks, and attracting institutional investment.
GateNews1h ago
