Ethereum News Today: Ethereum Whale's $140M Accumulation Defies ETF Outflows, Sparks Market Debate

A major Ethereum (ETH) whale known for previously shorting 66,000 ETH through borrowing has intensified its accumulation strategy, depositing 44,000 ETH worth $140.2 million into Binance and Aave V3.

The whale's actions, tracked by on-chain analytics platforms, signal a high-conviction leveraged approach to Ethereum's price recovery amid broader market volatility.

The whale, identified as "66kETHBorrow," has amassed a total of 385,718 ETH ($1.33 billion) since early November, according to Lookonchain. Recent transactions include borrowing $120 million in USDT from Aave and transferring the funds to Binance, a move interpreted as preparation for further ETH purchases. This follows a prior purchase of 39,658 ETH ($125.09 million) from Binance, which was deposited into Aave V3. The whale's Aave position shows a health rate above 2.0, indicating sufficient margin to avoid liquidation despite aggressive leverage.

Analysts are divided on the implications. Some view the strategy as a bold bet on Ethereum's long-term resilience, with crypto analyst Joe @SelfSuccessSaga calling it "4D chess"-a reference to complex, multi-layered trading tactics. Others warn of the risks inherent in high-leverage borrowing, with critics joking that the whale is "speedrunning liquidation mode". The whale's actions contrast with recent ETF outflows, which saw $183.77 million in institutional redemptions on November 12, pushing Ethereum's price to $3,416.

The market reaction to the whale's activity has been mixed. While Ethereum's price has stabilized around $3,480, some traders speculate that sustained accumulation could fuel a short-term rally. On-chain data from CryptoQuant shows elevated large-order clusters, suggesting continued whale participation, though retail activity remains subdued. The divergence between institutional outflows and whale buying has left traders uncertain about ETH's near-term direction.

The whale's next move could determine whether this accumulation becomes a catalyst for a broader market rebound. If the $120 million USDT recently transferred to Binance is used to purchase additional ETH, the total holdings could exceed 500,000 ETH, ($1.7 billion), further solidifying the whale's influence on Ethereum's price dynamics. However, without a reversal in institutional flows, analysts caution that Ethereum remains vulnerable to another dip as short-term momentum wanes.