A major Ethereum whale known as “#66kETHBorrow” is once again making waves in the crypto market. After accumulating a staggering 385,718 ETH worth $1.33 billion since early November. Whale has now borrowed another $120 million in USDT from Aave and moved the funds to Binance. This is a move that many are interpreting as preparation for another large purchase of Ethereum. Whale’s aggressive strategy has attracted the attention of traders and analysts. Despite the current market volatility, who would see this as a bold bet on Ethereum’s long-term strength?
Huge borrowings hint at further ETH purchases
Lookonchain’s on-chain data revealed multiple transactions over the past few hours. This shows that the whale transferred 80 million USDT and 40 million USDT from Aave to Binance. A total of $120 million in new liquidity was mobilized, all from debt financing. Just yesterday, the same address purchased 30,548 ETH worth $105.3 million. This further accelerated the panic buying that began on November 4th. In total, Whale currently has approximately 386,000 ETH.
Note that whale #66kETHBorrow, who has already purchased $385,718 ETH ($1.33 billion), just borrowed another $120 million USDT from Aave and deposited it into #Binance. They are probably preparing to buy even more ETH. https://t.co/HltSDbLgwE pic.twitter.com/PFmhoU5ef2
— Lookonchain (@lookonchain) November 13, 2025
They have positioned themselves as one of the most active large-scale Ethereum accumulators in recent months. Their Aave position has borrowed $270 million to date and has a health rate of over 2.0, indicating extensive leverage. This suggests that there is still considerable margin room. The latest deposits to Binance appear to be a preparation for a new large-scale ETH market entry. This continues an accumulation pattern that has intensified since last week.
Analysts call this a “high-conviction” strategy
Market participants are divided on whether this is a sign of confidence or recklessness. Some, like crypto analyst Joe @SelfSuccessSaga, see this as a 4D chess move. He points to the whales’ obvious strategy of buying the dip while most traders hesitate. “Using Aave for borrowing shows that you are not dabbling in the market lightly; you are serious about your beliefs,” he said. This suggests that large traders often accumulate aggressively before market rebounds.
But some warn that such extreme leverage could backfire. “Whales are preparing to buy more ETH, like in speedrunning liquidation mode,” one user joked. They highlight the risks of borrowing heavily in volatile markets.
Market impact and community response
Despite the whales’ aggressive buying, Ethereum price has stabilized around $3,480. This reflects a balanced pull between bullish accumulation and cautious profit-taking across the market. Traders speculate that the whale will continue to suck up liquidity. That could once again fuel a short-term rally.
Community reactions to X were mixed. Others praised Whale’s confidence. On the other hand, some see this as a dangerous leverage game. “He’s treating ETH like it’s a Black Friday sale,” one user wrote. Meanwhile, another person warned, “Who will pay for the longs when the market turns around?”
whale’s next move
The crypto community is now watching closely as the #66kETTHBorrow whale adds more ammunition to their position. If the $120 million USDT recently transferred to Binance was used to purchase more ETH. The cumulative amount accumulated will soon exceed 500,000 ETH, and its value could exceed $1.7 billion. Will this strategy work, or will it serve as a warning against excessive leverage? One thing is clear: this whale move is reshaping sentiment in the Ethereum market. It keeps traders on edge and fuels speculation about the next big price move.
