A certain on-chain trader who previously made $14.26 million trading WBTC has recently placed a big bet on ETH. According to on-chain data tracking, this whale has been continuously accumulating Ethereum since 2026, currently holding 13,700 ETH with a total asset value of $43.91 million.

What’s more noteworthy is this trader’s latest move. Just 4 hours ago, he withdrew 1,000 ETH from Kraken in one go, then transferred all of it into the Aave platform as collateral for borrowing. What signals might this series of actions be sending?

In terms of cost basis, the average price of this ETH is around $3,205. But the current market conditions seem less friendly—at the current price, the account is already showing a unrealized loss of $216,000. For whales with hundreds of millions of dollars, this loss isn’t enough to cause serious damage, but it does reflect the market’s uncertainty.

Interestingly, this address’s past success with WBTC tells us that big players often have a market lead in their intuition. Why is he now putting ETH into a lending protocol as collateral? Is he optimistic about the future and looking to leverage long, or does he have other motives? These details may be worth pondering for market participants.