Whales are using Aave's "circular loan" to leverage their position in Bitcoin, accumulating 603.5 WBTC over three days, with a nominal scale of about 71.62 million USD and a cost of about 90,400 USD.

The logic is simple: borrow stablecoins at low cost, buy back WBTC, and then use it as collateral to borrow more – a typical "earning coins with coins" strategy.

However, the situation can change quickly: if BTC experiences consecutive pullbacks, the on-chain health and margin will be closely scrutinized.

For those just watching, don't imitate lightly; if you really want to copy the homework, first test your tolerance for pullbacks and liquidation line, and quantify your limits. Data source: on-chain capital flow and position path snapshots.