A Bitcoin whale’s recent ETH sell-off through Binance and Bybit coincides with ongoing leveraged BTC exposure and previous large-scale trading losses.
A Bitcoin whale, previously noted for selling 500 BTC at a $10.5 million loss, maintains a 20x leveraged long worth $49.1 million in 537.83 BTC. On Dec. 5, the same whale borrowed 5,000 ETH ($15.66M) from Aave, transferring 4,000 ETH to Binance and 1,044 ETH to Bybit. Minutes later, they withdrew 12.45 million USDT from Binance, matching the ETH deposited, suggesting a sell-off. The whale’s leveraged BTC position has been in an unrealized loss for 24 consecutive days, recently narrowing from $9.5 million to $4.49 million.