TechFlow reports, according to on-chain analyst Aunt Ai, that the whale/institution which started shorting ETH from December 2023 has begun repaying its ETH borrowings on Aave.
Between December 2023 and April 2024, this address collateralized 2,898 WBTC and 14 million USDC to borrow 38,510 ETH, all of which were deposited into Coinbase, likely for selling, amounting to $93.51 million. With ETH rising nearly 20% over the past three days, the address's health factor on Aave has rapidly declined. Three hours ago, it repaid 9,383 ETH (worth $35.71 million), and its current health factor stands at 1.48.
Notably, this whale/institution acquired its WBTC positions at an average cost of just $45,906, and currently holds an unrealized profit of $62.73 million.
