TechFlow, August 17 — According to on-chain analyst EmberCN (@EmberCN), a whale/institution has accumulated $136 million worth of WBTC and ETH over the past six days using a circular lending strategy across OKX and Bybit. The entity first withdrew portions of WBTC and ETH from OKX and Bybit, deposited them into Aave, borrowed USDT, transferred the USDT back to Bybit, then used it to withdraw more WBTC and ETH from OKX and Bybit. So far, within six days, they have accumulated 918.6 WBTC ($108 million, average cost of $118,833 per coin) and 6,218 ETH ($28.33 million, average cost of $4,511 per coin). Their outstanding borrowings on Aave amount to $29 million.
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