Ethereum Whale Pulls $58 Million ETH From Binance After Controversial $100 Million Short Bet

A wallet linked to Trend Research withdrew 27,000 Ethereum (ETH) worth $58 million from Binance, hours after borrowing the same amount through Aave to open a leveraged short.

The rapid reversal from a bullish call to a leveraged short to an apparent unwind has drawn scrutiny from on-chain analysts tracking the wallet’s movements.

Why it matters:

• The sequence raises questions about whether institutional firms front-run their own public calls with opposing trades
• Aave-to-exchange pipelines show how DeFi lending protocols now serve as leverage engines for directional bets
• ETH traders monitoring whale flows may reprice risk around the $2,150 level based on the position’s apparent close

The details:

• The wallet supplied $100 million USDC to Aave V3, borrowed 27,000 ETH at $55.72 million, and sent it to Binance, per Onchain Lens
• Lookonchain confirmed the same 27,000 ETH was withdrawn from Binance, now valued at $57.97 million
• Jack Yi’s bullish ETH call came just 3 days before the short
• ETH traded at $2,153 at the time of the withdrawal

The big picture: