TechFlow reports, according to on-chain data analyst Yu Jin, a whale that has been leveraging long positions on the ETH/BTC trading pair via the Aave platform since March 17 has accumulated 1,716 BTC (approximately $45.49 million) in borrowings from Aave and sold them for ETH.
Yu Jin explained that the whale's strategy for going long on the ETH/BTC pair involves depositing ETH as collateral on Aave, borrowing BTC, converting the borrowed BTC into ETH either directly or by providing liquidity, then depositing the obtained ETH back into Aave to borrow more BTC, thereby creating a cyclical leverage loop.
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