Whale's Massive Deposit into Spark Faces Losses: The Gamble Behind 596,800 ETH

GasFeeLady · 2026-01-21T09:32:12+00:00

Recently, the on-chain whale "7 Siblings" deposited 596,800 ETH into the lending protocol Spark through 8 related addresses, becoming the largest depositor, and borrowed 193 million stablecoins for bottom-fishing. Despite this, their operations are currently at a floating loss of $27.7 million, indicating the market is difficult to grasp.

GasFeeLady

2026-01-21 09:32:12

Abstract generation in progress

【Blockchain Rhythms】A large whale on one chain, “7 Siblings,” has recently come to light. This massive address cluster’s actions on the lending protocol Spark are quite astonishing.

According to on-chain data tracking, “7 Siblings” deposited 596,800 ETH into Spark through 8 related addresses, worth approximately $1.765 billion USD. This deposit instantly made them the largest depositor on Spark, and 8 out of the top 10 addresses on Spark belong to this cluster.

With such a substantial deposit base, they proceeded to borrow a stablecoin portfolio totaling 193 million tokens—mixing DAI, USDT, and USDS. Holding this borrowed stablecoin, “7 Siblings” took action during the market downturn in October and November last year. They used these stablecoins to buy back 49,287 ETH at an average cost of around $3,531 USD.

It sounds like a classic bottom-fishing story, but reality is often harsh. Since establishing their position, this operation has already incurred a unrealized loss of $27.7 million USD. This also reflects that even on-chain players with huge capital are not always able to precisely time the market.

ETH-2,77%

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CryingOldWallet

· 4h ago

596,800 ETH stored on Spark is already losing money, this whale isn't as smart as I imagined.

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GweiTooHigh

· 4h ago

Over 590,000 ETH deposited and still lost money? This operation is really hard to hold up.

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SchrodingersFOMO

· 4h ago

Can 596,800 ETH still lose after entering? Is this big fish really burning money like paper?

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AltcoinMarathoner

· 4h ago

honestly this feels like watching someone run mile 20 of an ultra-marathon with a massive blister... they loaded up huge, borrowed heavy, and now they're bag holding. the fundamentals on paper look solid but the execution? sketchy af. zoom out though, this is exactly the institutional flow patterns we've been tracking. accumulation phase or capitulation? only the weekly charts will tell.

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OPsychology

· 4h ago

596,800 coins? This guy really dares to play, directly pouring in 1.765 billion.

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