Wallet Moves $80.6M in ETH to Binance After Major Aave Transaction
A significant move in decentralized finance as a whale deposits $610 million USDC into Aave, borrows 66,000 ETH, and transfers the funds to Binance, signaling a possible short-selling strategy.
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Fact Check
The statement is directly and specifically confirmed by Source 1 (Lookonchain), a credible on-chain analytics provider. It reports that a wallet borrowed 20,000 ETH (valued at $80.62M) from Aave and then deposited it to Binance. The other provided sources discuss similar but distinct whale activities, offering general context but not corroborating this specific transaction.
Summary
On October 21, 2025, a whale or institution withdrew $700 million USDC from Binance and deposited $610 million into Aave, borrowing 66,000 ETH worth around $262 million. The borrowed ETH was transferred to Binance, potentially for short-selling. The collateral includes USDC and ETH across multiple addresses, with one still holding $91.2 million USDC.
Terms & Concepts
- USDC: A U.S. dollar-pegged stablecoin issued by Circle, commonly used for stable-value transactions and collateral in crypto markets.
- Aave: A decentralized finance (DeFi) protocol that allows users to lend and borrow cryptocurrencies using overcollateralized positions.
- ETH: The native cryptocurrency of the Ethereum network, used to pay transaction fees and power smart contracts and decentralized applications.