$1.33B ETH Whale Adds $120M Firepower After Huge Accumulation

A major Ethereum whale, known as #66kETHBorrow, has once again made waves in the crypto market. After accumulating a staggering 385,718 ETH worth $1.33 billion since early November, the whale has now borrowed an additional $120 million in USDT from Aave and transferred the funds to Binance. Many interpret this as preparation for another significant Ethereum buy. The whale's aggressive strategy has caught the attention of both traders and analysts, who see this as a bold bet on Ethereum’s long-term potential despite current market volatility.

On-chain data from Lookonchain revealed multiple transactions over the past few hours. These transactions show the whale transferring $80 million USDT and $40 million USDT from Aave to Binance, mobilizing a total of $120 million in new liquidity, all sourced from borrowed funds. Just yesterday, the same wallet address purchased 30,548 ETH worth $105.3 million. This adds to a buying spree that began on November 4, bringing the whale’s total accumulation close to 386,000 ETH.

Lookonchain highlighted this activity on social media, stating:

"Whale #66kETHBorrow, who has already bought 385,718 $ETH ($1.33B), just borrowed another 120M $USDT from Aave and deposited it to #Binance — likely preparing to buy even more $ETH."

Such moves position the whale as one of the most active large-scale Ethereum accumulators in recent months.

The whale’s Aave position reveals extensive leveraging, with $270 million borrowed so far and maintaining a health rate above 2.0, suggesting considerable margin room. The recent deposits to Binance appear to signal preparation for new large ETH market entries, perpetuating an accumulation pattern that has intensified over the last week. This leveraging strategy has drawn both admiration and caution from the crypto community.

Market analysts are divided. Some interpret the whale's strategy as a sign of confidence, while others see it as an act of recklessness. Crypto analyst Joe @SelfSuccessSaga described the move as a "4D chess" strategy, highlighting the whale's tactic of buying dips when most traders hesitate. He noted:

"Using Aave to borrow shows serious conviction, not casual market dabbling."

Conversely, critics point to the risks associated with high leverage. A social media user joked, "Whale gearing up to buy even more ETH like he’s speedrunning liquidation mode," underscoring the dangers of borrowing heavily in a volatile market.

Ethereum's price has remained steady around $3,480, despite the whale's aggressive accumulation. This balance reflects a tug-of-war between bullish optimism fueled by the whale’s actions and caution-driven profit-taking across the market. Traders speculate that if the whale continues to absorb liquidity, it could create the conditions for another short-term ETH rally.

Community reactions are mixed: while some praise the whale's confidence, others view it as a risky gamble. One user commented, "He’s treating ETH like a Black Friday sale," while another warned, "Who’s going to pay for his long when the market turns?"

The crypto community is now closely monitoring the next moves of #66kETHBorrow. If the $120 million USDT recently transferred to Binance is used for further accumulation, the total holdings could soon surpass 500,000 ETH, worth over $1.7 billion. Whether this strategy yields significant returns or becomes a cautionary tale of over-leverage remains to be seen.

What’s undeniable is that this whale’s activities are reshaping sentiment in the Ethereum market, fueling speculation and keeping traders on edge about the next major price shift.