Two Ethereum whales sell $371M in 48 hours to repay Aave loans

Two major Ethereum whales sold a combined $371 million in ETH over a 48-hour period (Feb. 1–2) and converted proceeds to stablecoins to repay outstanding loans on Aave, the largest decentralized lending protocol. The on-chain entity known as BitcoinOG (1011short) deposited 121,185 ETH, worth about $292 million, into Binance over two days.

From that sale it withdrew $92.5 million in stablecoins and used them to pay down debt on Aave. According to Arkham Intelligence data cited by Lookonchain, the wallet still holds 30,661 BTC and 783,514 ETH on-chain. Only about a third of the ETH deposited into Binance went toward loan repayment; the remaining roughly $200 million may have been used for repositioning, hedging or cash reserves, though no further on-chain details were confirmed.

Hong Kong-based Trend Research moved more directly: over about 20 hours it deposited 33,589 ETH (roughly $79 million) into Binance and withdrew 77.5 million USDT to settle an Aave debt, with nearly all proceeds applied to repayment. Trend Research still holds about 618,045 ETH and had borrowed up to $958 million in stablecoins from Aave to fund purchases at an average entry near $3,265 per ETH.

Founder Jack Yi had publicly framed the firm as positioning for a bullish Q1 2026, making the repayment a more cautious shift in strategy.

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