Two Ethereum Whales Dump $371M to Repay Aave Debt in 48 Hours
Two main Ethereum whales offloaded a mixed $371 million in ETH over the span of 48 hours to repay excellent loans on Aave, the biggest decentralized lending protocol.
The strikes got here as Aave processed over $140 million in automated liquidations throughout a number of networks, underscoring rising warning amongst even probably the most well-capitalized market members.
BitcoinOG Sells $292M in ETH, Repays $92.5M
The whale generally known as BitcoinOG (1011short), one of the intently watched on-chain entities, deposited 121,185 ETH price $292 million into Binance over two days. From these proceeds, the entity withdrew $92.5 million in stablecoins and used them to pay down debt on Aave.
Despite the big sale, BitcoinOG stays one of many greatest particular person holders in crypto. The pockets nonetheless holds 30,661 BTC, valued at roughly $2.36 billion, and 783,514 ETH, price roughly $1.78 billion, on-chain, in accordance to Arkham Intelligence knowledge cited by Lookonchain.
Notably, solely a few third of the ETH deposited into Binance went towards mortgage reimbursement. The remaining $200 million could have been used for different functions, resembling repositioning, hedging, or constructing money reserves — although no additional on-chain particulars have been confirmed.
BitcoinOG first gained prominence after benefiting from a well-timed BTC brief forward of the October 2025 crash. In late January, the entity transferred 148,000 ETH to Aave and borrowed $240 million in stablecoins, establishing a leveraged lengthy place. The present deleveraging seems to be a strategic unwinding of that publicity somewhat than a compelled liquidation.
Trend Research Unloads $79M in ETH, Repays Nearly All
Hong Kong-based funding agency Trend Research executed the same however tighter operation. Over a 20-hour interval, the agency deposited 33,589 ETH, price $79 million, into Binance, then withdrew 77.5 million USDT to settle a debt on Aave. Nearly your entire quantity bought went immediately to mortgage reimbursement.
Trend Research nonetheless holds 618,045 ETH valued at roughly $1.4 billion. The agency, an affiliate of LD Capital, had been one of the aggressive ETH accumulators in current months, borrowing up to $958 million in stablecoins from Aave to fund purchases at a median entry worth of roughly $3,265 per ETH.
Founder Jack Yi had publicly said that the agency was positioning for a structurally bullish first quarter of 2026. The resolution to start repaying debt indicators a extra cautious stance, even when the agency retains an enormous ETH place.
Two Whales, Two Approaches
Both whales transformed ETH to stablecoins by way of Binance earlier than repaying Aave loans, however the particulars reveal completely different methods.
| BitcoinOG (1011short) | Trend Research | |
|---|---|---|
| ETH Sold | 121,185 ETH ($292M) | 33,589 ETH ($79M) |
| Debt Repaid | $92.5M stablecoins | 77.5M USDT |
| Repayment Ratio | ~31.7% of sale proceeds | ~98.1% of sale proceeds |
| Timeframe | 2 days | 20 hours |
| Remaining ETH | 783,514 ETH ($1.78B) | 618,045 ETH ($1.4B) |
| Other Holdings | 30,661 BTC ($2.36B) | — |
BitcoinOG’s decrease reimbursement ratio suggests the entity is rebalancing throughout a number of fronts, not simply lowering Aave publicity. Trend Research, against this, directed practically each greenback from its sale towards clearing debt — a extra targeted deleveraging play.
Neither entity was compelled into these gross sales. Both acted preemptively to scale back danger, a sample per subtle portfolio administration throughout risky situations.
Aave Weathers $140M Liquidation Storm
These voluntary strikes befell towards a turbulent backdrop. On Jan. 31, Aave’s automated methods liquidated over $140 million in collateral throughout a number of blockchain networks.
Aave founder Stani Kulechov described the event as a significant stress test for the protocol’s $50 billion-plus on-chain lending markets. “Aave Protocol liquidated over $140M collateral throughout a number of networks with none points, absolutely automated,” Kulechov wrote on X.
It is necessary to distinguish between the 2 sorts of exercise. The $140 million in liquidations on Jan. 31 was automated — triggered when debtors’ collateral values fell beneath required thresholds. The $371 million whale deleveraging on Feb. 1–2 was voluntary — proactive selections to promote property and repay loans earlier than reaching liquidation danger.
Both occasions occurred throughout the similar 48-hour window however mirror completely different mechanisms. The automated liquidations exhibit Aave’s protocol resilience. The whale repayments reveal how giant holders are actively managing danger forward of potential additional draw back.
Aave’s ETH Deposits Hit Record High
Despite the market turbulence, Aave’s fundamentals stay sturdy. ETH deposits on the protocol reached a new all-time high in early January, surpassing 3 million ETH and approaching 4 million ETH, in accordance to Token Terminal knowledge.
Aave at the moment leads all DeFi protocols in whole worth locked and was ranked first in DeFiLlama’s prime 10 protocol record at first of 2026. The protocol’s means to course of large-scale liquidations with out insolvency danger or handbook intervention continues to set it other than rivals.
What It Means
The simultaneous deleveraging by two of the biggest ETH holders on-chain sends a transparent sign: even probably the most bullish whales are trimming danger publicity as February 2026 unfolds. Both BitcoinOG and Trend Research retain huge positions — over $3 billion in mixed ETH holdings — however are selecting to scale back leverage somewhat than trip out volatility.
For the broader market, the important thing query is whether or not this represents prudent housekeeping or the early levels of a broader risk-off shift amongst institutional-scale DeFi members.
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