Whale Shifts $230M Long Positions Amid ETH Bets

On January 27, an on-chain analyst reported that a crypto whale shifted $230 million in long positions from Hyperliquid to leveraging Aave for Ethereum investments.

This action highlights strategic shifts in whale behavior with leveraged DeFi protocols, impacting Ethereum’s market dynamics and potential volatility concerns at key price levels.

Whale Moves: $230M Positions and $240M USDT Borrowing

According to the on-chain analyst Yu Jin, a major whale with $230 million in long positions recently closed 30,600 ETH and 427 BTC long positions on Hyperliquid. Following this, the whale shifted focus to leveraging lending on Aave. The whale borrowed $240 million USDT from Aave, transferred it to Binance, and withdrew 148,000 ETH with a liquidation price approximately around $1,953.

The shift in positions signals a strategic move, possibly indicating broader market trends or individual anticipations. The remaining positions on Hyperliquid and newly established ones on Aave point to a significant concentration on ETH, hinting at market expectations despite ETH’s volatile price patterns. Aave Governance Thread: “institutional whales using V3 as $4.6B treasury (34.2% volume via Aave for leverage), with USDT to exchanges/OTC.”

No official statements have emerged from Aave, Binance, or Hyperliquid concerning the whale’s activity. Meanwhile, the community remains attentive to potential impacts on market liquidity, with unverified speculations circulating about further ETH price pressure or liquidation concerns.

Ethereum’s 2026 Scenario: Impact and Analysis

Did you know? Leveraged positions similar to those used by the whale on Aave often began in 2017 with the rise of DeFi, posing increased liquidation risks during volatile market conditions like seen in 2021 and 2022.

As of January 27, 2026, CoinMarketCap reports Ethereum‘s price at $2,935.34 with a market cap of $354.28 billion, highlighting a 24-hour change of 2.07%. Recent price volatility is noted in a 26.35% decline over 90 days, reflecting broader market fluctuations.

Coincu research indicates ongoing leverage strategies in DeFi platforms, particularly involving ETH, may influence future regulatory scrutiny and financial tuning among exchanges. Historical patterns suggest that as more whales engage with DeFi protocols, shifts in borrowing rates and liquidity might reshape trading dynamics.