In the early hours, an on-chain operation that caught people's attention was detected.

A wallet marked as "1011 insider address" by insiders completed a textbook-level series of actions within three hours: first, it deposited 180,438 ETH as collateral into the Aave V3 protocol (valued at approximately $540 million at the time), then borrowed 220 million USDT, and finally transferred all of this stablecoin to a major exchange account. The entire process was as smooth as if it had been rehearsed countless times.
This method is easily understood by anyone with a discerning eye – converting the yielding assets in hand into cash ammunition, usually for one purpose: to prepare for a buying spree on the exchange.
It is worth noting the timing.
The Federal Reserve just announced the halt of its balance sheet reduction, and market liquidity expectations are beginning to loosen; Ethereum's network has a significant upgrade scheduled for December 3rd, and historical experience tells us that prices are often not very stable around such technical nodes. Just at this moment, someone hurriedly mortgaged 500 million ETH to borrow stablecoins, and still had to pay interest costs. If there wasn't some insider information for early positioning, no one would believe it.
Of course, on-chain data can only see actions, not motives. But such a scale of capital movement is not something retail investors can accomplish. It is either institutions that are extremely optimistic about the market positioning themselves in advance, or some individuals have already caught wind of the situation.
The market is now like a tightly pulled string, and the whales have started to move. Will there be a chain reaction next? It's worth keeping a close watch.