ME News reports that on October 7 (UTC+8), according to Arkham monitoring, the whale mtAAVEbank.ETH sold over 138,000 LINK six hours ago, worth $1.9 million, at a time when BTC had not yet fallen below $84,000. The whale appears to have funded its 8x leveraged CRCL position on Hyperliquid through this LINK sale; its position once suffered an unrealized loss of over $1.25 million. It currently holds over $21 million in digital assets, primarily stablecoins, with more than 10% of these funds originating from Aave loans. (Source: BlockBeats)
Whale sells $1.9M LINK to cover 8x leveraged CRCL position on Hyperliquid
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Summary
On October 7 (UTC+8), whale activity saw a significant move as mtAAVEbank.ETH sold 138,000 LINK tokens for $1.9 million, according to Arkham. The whale is likely using these funds to cover an 8x leveraged CRCL position on Hyperliquid, which had a $1.25 million unrealized loss. The address holds over $21 million in crypto, primarily stablecoins, with more than 10% borrowed from Aave. This trade underscores a high-risk strategy with a questionable risk-to-reward profile.
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