Data indicates the entity cycled assets through Aave, OKX, and Bybit, building large BTC and ETH positions while incurring $29 million in debt.
A whale or institutional investor has accumulated $136 million worth of WBTC and ETH over six days via a looping lending strategy involving OKX, Bybit, and Aave. The entity acquired 918.6 WBTC worth $108 million at an average cost of $118,833 each and 6,218 ETH worth $28.33 million at an average cost of $4,511 each. The process involved withdrawing assets from OKX and Bybit, depositing them into Aave as collateral, borrowing USDT, and using it to buy more WBTC and ETH. The current debt on Aave stands at $29 million.