Crypto whale borrows $34 million for bullish leverage trading
A cryptocurrency whale made a complex leverage trading operation using Ethereum (ETH) as collateral to borrow $34 million in USDC. The borrowed amount landed in a Binance address, likely to invest in cryptocurrencies, which signals a bullish bias moving forward. According to a Lookonchain post on X, the whale withdrew 30,000 ETH from Bitifinex on June 30, worth $101.7 million. Right after, the address 0xEd0C deposited 20,000 ETH in two batches of 10,000 ETH to the Spark protocol. 0xEd0C6079229E2d407672a117c22b62064f4a4312 transaction history. Source: Etherscan Notably, this total deposit represents collateral with a nominal value of $67.8 million used to borrow 34 million DAI. DAI is a decentralized, over-collateralized stablecoin pegged at 1:1 to the U.S. dollar. Picks for you Dollar vs. Yen: ChatGPT-4o predicts forex giants' ...