Ethereum whale reduces holdings and cashes out: 10,000 ETH exchanged for USDT to settle debts

Onchain data monitoring platform OnchainLens has discovered a significant ETH to USDT transaction in the market. A whale address holding a large amount of Ethereum (starting with 0x280) recently made a substantial adjustment to its position, choosing to convert part of its ETH assets into stablecoins for debt repayment.

Transaction Details Breakdown

This whale executed a sizable reduction on the AaveV3 lending platform. According to on-chain data, the address traded ETH at a price of $2,916 per unit, exchanging a total of 10,000 ETH for USDT stablecoins, amounting to $29.16 million. The primary purpose of this ETH to USDT transaction was to settle outstanding loans on the lending platform.

Whale Still Maintains a Large Position

It is worth noting that even after this sizable reduction, the whale’s Ethereum position on AaveV3 remains substantial. According to the latest on-chain records, the address still holds 40,597 ETH. Based on the current market price, this asset is valued at approximately $1.187 billion, representing the majority of its total Ethereum holdings.

This strategy of maintaining a high position after a large reduction reflects the whale’s optimistic outlook on the long-term value of Ethereum, while also flexibly adjusting to meet short-term liquidity needs.

(Current ETH price reference: $3.12K)