In a bold move that captured the attention of the cryptocurrency analytics community, a major investor executed a multi-million dollar Ethereum purchase during a market dip. Onchain data reveals an anonymous whale borrowed $7 million to acquire 3,753 ETH, a strategic accumulation that significantly bolstered an already massive digital asset portfolio. The whale, identified only by the wallet address starting with 0x172, initiated a complex financial maneuver.
First, the entity borrowed 7 million USDC, a stablecoin pegged to the US dollar, from the decentralized lending protocol Aave. Subsequently, the whale deployed this capital to purchase 3,753 Ether (ETH) at an average price of $1,865 per coin. Following the purchase, the whale’s total Ethereum holdings increased to 15,964 ETH. At the time of the transaction, this entire stash held a market value of approximately $29.68 million.
The trade occurred against a backdrop of broader market weakness, highlighting a potential contrarian investment thesis. The very act of reporting by Onchain Lens demonstrates how on-chain surveillance has become a fundamental aspect of crypto market analysis.
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