A prominent Ethereum whale, identified as “#66kETHBorrow,” is once again making headlines in the crypto market. Since early November, the investor has amassed an impressive 385,718 ETH valued at $1.33 billion — and now appears to be gearing up for more. The whale recently borrowed $120 million in USDT from Aave and transferred the entire amount to Binance, a move widely interpreted as preparation for another large Ethereum purchase.
Whale’s Bold Leverage Play Hints at More ETH Accumulation
On-chain data from Lookonchain shows that the whale executed several transactions in recent hours, moving $80 million USDT and $40 million USDT from Aave to Binance. The entire $120 million was sourced from borrowed funds, signaling a highly leveraged strategy. Just a day earlier, the same address acquired 30,548 ETH worth $105.3 million, extending a buying streak that began on November 4. In total, the whale’s holdings now exceed 385,000 ETH, underscoring a strong conviction in Ethereum’s long-term potential despite ongoing market volatility.
The address known as “#66kETHBorrow” has firmly established itself as one of the most active large-scale Ethereum accumulators in recent months. On-chain data shows the whale has leveraged heavily on Aave, borrowing around $270 million so far while maintaining a health rate above 2.0, indicating substantial remaining margin capacity. The latest $120 million deposit to Binance appears to set the stage for another major Ethereum purchase — extending an accumulation trend that has sharply accelerated since last week.
Analysts Call It a “High-Conviction” Play
Market analysts are divided on what this aggressive approach signifies. Some, like crypto commentator Joe (@SelfSuccessSaga), view the move as a masterstroke of strategic confidence. “Using Aave to borrow and buy dips shows serious conviction, not casual speculation,” he noted — suggesting that whales often accumulate heavily before market upswings.
Others are more cautious, warning that such extreme leverage could quickly turn against the investor. “The whale’s acting like he’s speedrunning liquidation mode,” one trader joked, highlighting the risks of borrowing hundreds of millions in a volatile market.
Market Impact and Community Response
Despite the whale’s massive activity, Ethereum’s price has remained stable around $3,480, reflecting a tense equilibrium between bullish accumulation and cautious profit-taking. Traders speculate that continued large-scale buying could ignite another short-term rally if liquidity thins out.
Community reactions on X (formerly Twitter) have been mixed. Some praised the whale’s bold confidence — “He’s treating ETH like a Black Friday sale,” one user quipped — while others warned that over-leverage could spell disaster: “Who’s going to pay for his long when the market turns?”
The Whale’s Next Move
All eyes are now on the #66kETHBorrow wallet as it adds fresh liquidity and prepares for the next potential wave of Ethereum purchases. If the recently transferred $120 million in USDT is deployed to buy ETH, total holdings could soon exceed 500,000 ETH, worth more than $1.7 billion.
Whether this unfolds as a legendary high-conviction success or a cautionary tale of over-leverage, one thing is certain — this whale’s moves are shaping sentiment across the Ethereum market and keeping traders on edge for what comes next.
