On February 2nd, two major Ethereum whales sold approximately $371 million worth of ETH within just 48 hours to repay outstanding loans on Aave. This series of on-chain operations occurred amid intense volatility in the DeFi market, indicating that high-leverage funds are actively reducing risk exposure and also raising market concerns about Ethereum’s price trajectory and the security of DeFi lending.
On-chain data shows that BitcoinOG (1011short) transferred out 121,185 ETH, worth about $292 million, over two days, and withdrew approximately $92.5 million in stablecoins to repay Aave debts. The remaining fund usage has not been disclosed, possibly for rebalancing or liquidity management. Despite this, the address still holds over 30,000 BTC and a large amount of ETH, remaining one of the most influential individual holders in the crypto market. This operation is viewed as active deleveraging rather than a liquidation trigger.
Another entity, Trend Research, sold 33,589 ETH, about $79 million, within 20 hours, nearly all of which was used to repay Aave loans. The organization still holds over 610,000 ETH and has been one of the most active long-term holders recently. Previously, it borrowed large amounts of stablecoins via Aave to buy ETH, and now it is beginning to unwind leverage, reflecting cautious responses to short-term market fluctuations.
Notably, on January 31st, Aave completed over $140 million in automatic liquidations across multiple chains, while this $371 million sell-off was voluntary debt repayment. The two events occurred within 48 hours, highlighting the coexistence of pressure and stability in DeFi lending systems during high volatility periods.
Despite the short-term risk increase, Aave’s ETH deposit size still reached a new high in January, and the protocol continues to rank first in DeFi locked assets. For the market, this whale deleveraging appears more like an upgrade in risk management, adding new uncertainties to the crypto market outlook for 2026.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
ETH Falls 0.79% in 15 Minutes: Large Transfers Flowing Into Exchanges and Deleveraging Trigger Sharp Pullback
On 2026-03-16 from 18:45 to 19:00 (UTC), ETH experienced a rapid decline, with the candle showing a return of -0.79%, trading range of 2320.12 to 2339.93 USDT, and amplitude of 0.85%. Trading volume was active during this period with notably increased market attention and intensified volatility.
The main driver of this price movement was large on-chain ETH inflows concentrating into exchanges, creating significant spot selling pressure. On-chain data showed multiple transfers exceeding 10,000 ETH flowing to centralized platforms, pushing exchange net inflows up 18% sequentially, correlating with the price decline.
GateNews7m ago
BlackRock Launches ETHB ETF With Ethereum Staking Rewards
BlackRock has expanded its Ethereum strategy through a new exchange-traded fund that integrates staking rewards. The product directs most of its ether holdings to professional validators rather than idle custody. This structure introduces institutional staking through a regulated ETF framework.
Bla
CryptoBreaking14m ago
Pepe Coin Price Prediction: Ethereum Treasury Companies Suffer Unrealized Losses as Pepeto’s Three Infrastructure Products Cross $7.99 Million Presale
Ether treasury companies recorded millions in unrealized losses and are trading below net asset values as ETH consolidates near $2,277. Traders believe that cautious institutional appetite could further impact Ethereum’s recovery timeline, according to CoinDesk.
While many look to rotate
CaptainAltcoin24m ago
ETH Up 0.87% in 15 Minutes: Large Transfers and Leveraged Long Positions Drive Price Upward
Between 2026-03-16 18:00-18:15 (UTC), ETH recorded a +0.87% return within high liquidity markets, with a price range of 2314.05 to 2341.66 USDT, reaching an amplitude of 1.19%. Accompanied by intensified short-term volatility, market attention increased noticeably, with trading volume and on-chain activity expanding synchronously.
The primary driver of this price movement was two large transfers exceeding 10,000 ETH each flowing from private wallets into a major exchange, bringing the exchange's net ETH inflow to +15,000 ETH. This concentrated inflow directly
GateNews53m ago
