Whale Address Executes Circular Lending Strategy to Long ETH/BTC Pair
According to on-chain analyst Ember's monitoring on June 3rd, a whale address is using circular lending to long the ETH/BTC pair through a specific strategy: depositing ETH into Aave, borrowing WBTC, transferring to Binance, then withdrawing ETH from Binance to continue depositing into Aave. Since May 26th, this whale has cumulatively deposited 29,031 ETH into Aave (worth approximately $55.2 million) and borrowed 1,100 WBTC (worth approximately $29.87 million).
According to TuoniaoX.com on June 3rd, on-chain analyst Ember is monitoring a whale address that is longing the ETH/BTC pair through circular lending. The specific operation involves: depositing ETH into Aave, borrowing WBTC, transferring to Binance, then withdrawing ETH from Binance to continue depositing into Aave.
Since May 26th, this whale address has cumulatively deposited 29,031 ETH into Aave (worth approximately $55.2 million) and borrowed 1,100 WBTC (worth approximately $29.87 million). Additionally, an address tagged as Lisk Foundation is currently converting its BTC holdings to ETH.