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Coinbase Witnesses Unusual $35 Million Ethereum (ETH) Whale Activity

Major US crypto exchange Coinbase witnesses unusual $35 million Ethereum (ETH) whale withdrawal.

An unidentified wallet made a major on-chain move by withdrawing 13,800 ETH from the leading cryptocurrency exchange in the U.S., Coinbase. Based on current prices, this withdrawal is the equivalent of $35.26 million. Soon after, the same address repaid a portion of its outstanding ETH loan on Aave.

The wallet, labeled "0x2b0aD," used the funds to repay variable-rate Ethereum debt borrowed against cBTC, a version of Bitcoin wrapped on the Coinbase platform. The blockchain data shows that 13,750 ETH of the loan token was burned and about 13,800 ETH were sent back to Aave’s lending pool.