The investor first spent 11.71 million USDC, then used Spark (decentralized lending protocol) collateral and a 5 million DAI loan to expand the Ether position.
Whale nemorino.eth acquired 7,908.3 Ether for $16.71 million at an average price of $2,113, according to the provided transaction details. Earlier in the day, the wallet spent 11.71 million USDC to buy 5,535.6 Ether, deposited that Ether into Spark (decentralized lending protocol) as collateral, borrowed 5 million DAI (U.S. dollar-pegged stablecoin), and used the borrowed funds to purchase another 2,372.7 Ether. The sequence shows a leveraged accumulation strategy in which crypto assets are pledged to obtain additional liquidity for further purchases.