WHALE's ALERT 🚨🚨🚨🚨🚨
Coinbase Sees Unusual $35 Million Ethereum Whale Activity, 2.02 Billion in 24 Hours, XRP Enters Rare Distress Mode
According to a recent X post by Onchain Lens, an unidentified wallet, labeled "0x2b0aD," withdrew 13,800 ETH worth about $35.26 million from Coinbase, the largest crypto exchange in the U.S, on Friday, May 16. The wallet used the funds to repay variable-rate Ethereum debt borrowed against cBTC. Per blockchain data, 13,750 ETH of the loan token were burned and about 13,800 ETH were sent back to Aave’s lending pool. However, the wallet still owes 32,377.6 WETH, valued at around $82.61 million. This partial repayment may indicate a strategy to reduce exposure or manage market volatility, but the motives behind this activity, whether price expectations or portfolio rebalancing, remain unclear.