TechFlow news, November 4 — according to monitoring by analyst Yujin, a large whale/institution successfully bet on a decline in ETH price half a month ago, becoming one of the biggest beneficiaries of the recent market downturn. On October 20, the whale deposited 700 million USDC on Aave and borrowed 66,000 ETH (approximately $262 million), then initiated a short sale on Binance at a price of $4,032.
As ETH prices continued to fall, the whale recently withdrew 40,041 ETH (approximately $151.1 million) from Binance and partially repaid the loan at an average price of $3,773. There are still 26,000 ETH yet to be bought back and repaid; however, based on the current ETH price, this operation is expected to generate a total profit of approximately $20 million.
