Whale Borrows $20M USDC, Accumulates 603.5 WBTC via Aave Leverage

PANews reported on August 10th that on-chain analyst Ember highlighted a whale (address 0xc9d...642) transferring funds from Aave to Kraken, using a revolving loan to amass over 600 WBTC.

USDC

WBTC

AAVE

211d ago

Summary

According to PANews on August 10th and on-chain analyst Ember, a whale (address 0xc9d...642) borrowed 20M USDC from Aave three days ago and transferred the funds to Kraken, where it purchased and withdrew 109.6 WBTC valued at approximately $12.91M. By using a revolving loan on Aave, the whale has accumulated a total of 603.5 WBTC valued at about $71.62M, with an aggregated cost of roughly $90,382 per WBTC.

Terms & Concepts

USDC: A stablecoin pegged to the US dollar, facilitating digital transactions with minimal volatility.
WBTC: Wrapped Bitcoin that enables Bitcoin to be used on the Ethereum blockchain for greater interoperability.
Revolving Loan: A loan facility that can be repeatedly borrowed against and repaid, used on platforms like Aave to maximize asset acquisition leverage.