On-chain data shows that one whale is rapidly accumulating Ethereum (ETH), selling large amounts of Wrapped Bitcoin (WBTC) via Aave, a popular non-custodial protocol. 

Whale Borrows WBTC From Aave, Buys ETH

As of February 16, Lookonchain data showed that the whale borrowed 280 Wrapped Bitcoin (WBTC), equivalent to approximately $14.6 million, Aave, one of the leading DeFi protocols.

Related Reading: How Much To Hack Bitcoin And Ethereum? New Study Reveals Price

Afterward, the whale purchased 5,150 ETH. The whale is actively buying ETH, not from centralized exchanges but via decentralized protocols. This move shows the trader expects ETH to outperform the digital gold in the session ahead.

What could have triggered the whale to accumulate ETH and dump the resurgent Bitcoin is not immediately clear. However, what’s known is that since mid-January, Ethereum has been outperforming Bitcoin in price and various other metrics.

To illustrate, ETH is up roughly 13% versus BTC in the last trading month. Even though ETH prices cooled off from January’s peaks, the uptrend remains. Looking at the development in the daily chart, BTC bulls clawed back losses versus ETH.

Still, they failed to reverse losses posted in January completely. Thus far, the immediate support is at 0.05

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Author: Dalmas Ngetich

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