A certain whale/institution sold 10,414 ETH last night. The stablecoins obtained were used to repay and reduce loan positions
According to on-chain analyst Yu Jin, a whale/institution sold 10,414 ETH last night: they transferred 10,414 ETH into Binance through three addresses and then withdrew $36.32 million in stablecoins from Binance.
This whale/institution sold the ETH this time to reduce leverage: these three addresses have collateralized 68.3 thousand ETH ($228 million) on Aave and Compound and borrowed $141 million in stablecoins. The stablecoins obtained from selling the ETH were used to repay loans and reduce borrowing positions.
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