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Three Whales Make Big Bets on ETH and BTC via DeFi Protocols

Sun, 04/23/2023 - 14:45
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Alex Dovbnya
As cryptocurrency market experiences downturn, several whales are doubling down on their investments in Ethereum (ETH) and Wrapped Bitcoin (WBTC) by depositing large sums into decentralized finance (DeFi) protocols
Three Whales Make Big Bets on ETH and BTC via DeFi Protocols
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Despite recent declines in the cryptocurrency market, several whales have made significant bets on the two largest cryptocurrencies by market capitalization.

According to data from blockchain analytics platform Lookonchain, the whales (likely the same individual) have deposited large amounts of ETH and Wrapped Bitcoin (WBTC) into decentralized finance (DeFi) protocols to secure long positions.

Using the DeFi protocols, the investor deposited both ETH and WBTC and borrowed stablecoins in return. The stablecoins were then transferred to popular cryptocurrency exchange Binance, where they were used to purchase more ETH and BTC.

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The strategy appears to be a bet on the future appreciation of these cryptocurrencies even as their prices have faced pressure in recent days.

In one specific instance, the individual deposited a total of 10,100 ETH (valued at $18.81 million) into Morpho AAVE, a DeFi protocol, in the past 24 hours.

They subsequently borrowed $11.5 million worth of stablecoins, which were then transferred to Binance. It is unclear how much WBTC was involved in the transactions, but the tweets from Lookonchain suggest a significant amount.

Bitcoin (BTC) and Ethereum (ETH) are down 8.8% and 10.4%, respectively, over the past week.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at