According to ChainCatcher, as monitored by on-chain analyst Yujin, a major whale or institution that had been dormant for five years recently took a long position in ETH with coin collateral. In the early hours of today, the whale deposited 44,500 ETH (worth $102 million) to borrow 70 million USDT, and then used the borrowed funds to buy an additional 30,222 ETH at a price of $2,316 per ETH. The ETH that the whale deposited as collateral was withdrawn from Bitfinex five years ago, when the price of ETH was $1,354. The whale has now realized a profit of $42.57 million.
Dormant Whale Borrows $70M USDT to Buy 30,222 ETH at $2,316
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Summary
Whale activity trading saw a major move as a long-dormant whale or institution borrowed $70M USDT to buy 30,222 ETH at $2,316. The whale used 44,500 ETH (worth $102M) as collateral, which was withdrawn from Bitfinex in 2019 at $1,354. The trade shows a strong risk-to-reward ratio, with a current profit of $42.57M.
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