Giant Whale Institution goes long on ETH, with a floating loss of $243 million on its holdings

On chain monitoring shows that Giant Whale/Institution returned 24000 ETH (worth $65.13 million) from Binance 6 hours ago. Previously, they sold ETH for a profit of $24.48 million and then turned to long positions. Currently, they hold 489000 ETH (worth $1.35 billion) with an average cost of $3273 and a floating loss of $243 million. To purchase these ETH, they leveraged and borrowed $647 million USDT on Aave, with a leverage ratio of approximately 1.5 times. (Ashes)