Ethereum Whale Buys $1.33B in ETH Using Aave Borrowed Funds

An Ethereum whale has recently caught the crypto community’s attention after making a massive $1.33 billion ETH purchase. The funds were borrowed through Aave, one of the largest decentralized lending platforms. The on-chain activity, flagged by blockchain analytics firm Lookonchain, reveals a pattern of high-value Ethereum buys between November 4 and November 12. This significant acquisition has been dubbed one of the biggest leveraged ETH trades in recent memory. The whale, called the “66k ETH Borrow Whale”, has been aggressively accumulating ETH while borrowing stablecoins to fuel the purchases.

On-chain data shows the whale is linked to several addresses, including 0x85e05C, 0x6e9e81E, and 0xE5C248D. To date, the whale has acquired 385,718 ETH—valued at $1.33 billion at current prices. Notably, within just the last 24 hours, 30,548 ETH (~$105.3 million) was added to the wallet. Remarkably, approximately $270 million of the required funds were sourced from Aave using borrowed stablecoins, primarily USDC and USDT. By using Ethereum (ETH) deposits as collateral, the whale recycled the borrowed funds to purchase even more ETH, creating a leveraged* position on the asset.

According to data from Aave, the whale has a total position exceeding $584 million supplied in wrapped ETH (WETH), with $270 million in stablecoin loans. The account maintains a health ratio of 2.1, which although within safe limits, indicates heavy leverage. On-chain transaction history reveals numerous large transfers, where tens of millions of USDC were borrowed and converted to ETH through Binance. The ETH was then moved back into DeFi addresses, likely to support further loans or maintain liquidity. This aggressive strategy has the potential to amplify Ethereum price volatility, particularly if liquidation thresholds are breached amid a price drop.

Adding to the buzz, another significant investor—address 0x9992—has joined the leveraged ETH buying spree. This whale borrowed $10 million USDC from Aave to purchase 2,909 ETH recently. The wallet now holds 83,816 ETH (~$289 million), and has borrowed over $122 million in stablecoins. Similar to the first whale, 0x9992 is adopting an aggressive strategy, with a high-risk appetite focused on maximizing upside potential in ETH.

The coordinated ETH purchases by leveraged whales have fueled speculation about a potential Ethereum price rally, especially with the rumored ETH ETF approval window in early 2026. However, analysts warn that such aggressive leverage could lead to intense price volatility if liquidation thresholds are hit. Despite the risks, these whales seem to be doubling down on Ethereum, which has excited market watchers. Observers are closely monitoring the situation, expecting it to potentially act as a catalyst for ETH’s next price movement cycle.