Whales Flee the Crypto Sea: $371M Dumped in 48 Hours!

In the vast and tempestuous ocean of Ethereum, two leviathans of the crypto world have cast aside their treasures, shedding a combined $371 million in ETH within the fleeting span of 48 hours. Their purpose? To appease the voracious maw of Aave, the grandest of decentralized lending protocols, and settle their debts with haste.

This dramatic exodus unfolded as Aave, with the precision of a Swiss clock, liquidated over $140 million in collateral across its sprawling networks. Such actions speak volumes of the growing trepidation among even the most fortified of market titans, who now navigate these waters with caution lest they be swallowed by the whims of volatility.

BitcoinOG: The Prodigal Whale

One of these titans, known as BitcoinOG (1011short), a name whispered with reverence in the annals of on-chain lore, deposited a staggering 121,185 ETH-valued at $292 million-into the coffers of Binance over two days. From this bounty, the entity withdrew $92.5 million in stablecoins, a mere fraction of its wealth, to settle its debts with Aave. Yet, despite this grand gesture, BitcoinOG remains a colossus, holding 30,661 BTC (a modest $2.36 billion) and 783,514 ETH ($1.78 billion), according to the sages at Arkham Intelligence, as cited by Lookonchain.

Curiously, only a third of the ETH sacrificed to Binance was offered to Aave. The remaining $200 million, one can only speculate, may have been diverted to other endeavors-repositioning, hedging, or perhaps the accumulation of a war chest for future battles. Alas, the ledger of the blockchain, though transparent, does not reveal all.

BitcoinOG first rose to prominence with a cunning BTC short ahead of the October 2025 crash, a move that cemented its reputation as a master of timing. In late January, it transferred 148,000 ETH to Aave, borrowing $240 million in stablecoins to establish a leveraged long position. The current deleveraging, it seems, is not a retreat but a strategic retreat, a prudent unwinding of exposure rather than a forced march to the gallows.

Trend Research: The Disciplined Whale

In contrast, Hong Kong’s Trend Research executed a more focused operation. Over a mere 20 hours, it deposited 33,589 ETH ($79 million) into Binance and withdrew 77.5 million USDT to settle its debts with Aave. Nearly every coin sold was dedicated to this noble cause, a testament to discipline and focus.

Trend Research, an affiliate of LD Capital, had been among the most voracious accumulators of ETH in recent months, borrowing up to $958 million in stablecoins from Aave to fund purchases at an average price of $3,265 per ETH. Its founder, Jack Yi, had proclaimed a structurally bullish outlook for the first quarter of 2026. Yet, the decision to repay debts signals a shift, a cautious retreat from the front lines even as the firm retains a formidable ETH position of 618,045 ETH ($1.4 billion).

Two Whales, Two Tales

Both whales, in their wisdom, converted ETH to stablecoins via Binance before repaying their Aave loans. Yet, their strategies diverge like rivers from a common source. BitcoinOG, with its lower repayment ratio, appears to be rebalancing its vast portfolio, a juggler of assets. Trend Research, on the other hand, directed nearly every dollar toward debt repayment, a focused deleveraging play.

	BitcoinOG (1011short)	Trend Research
ETH Sold	121,185 ETH ($292M)	33,589 ETH ($79M)
Debt Repaid	$92.5M stablecoins	77.5M USDT
Repayment Ratio	~31.7% of sale proceeds	~98.1% of sale proceeds
Timeframe	2 days	20 hours
Remaining ETH	783,514 ETH ($1.78B)	618,045 ETH ($1.4B)
Other Holdings	30,661 BTC ($2.36B)	–

Neither whale was driven to these shores by necessity. Both acted with foresight, reducing risk in a manner befitting their stature as sophisticates of the crypto realm. Their actions, though voluntary, echo through the markets, a harbinger of caution in these uncertain times.

Aave: The Unsinkable Ship

Amidst this turmoil, Aave stands resilient. On January 31, its automated systems liquidated over $140 million in collateral across multiple networks, a testament to its robustness. Aave’s founder, Stani Kulechov, proclaimed this event a triumph, a stress test passed with flying colors. “Aave Protocol liquidated over $140M collateral across multiple networks without any issues, fully automated,” he declared on X.

It is crucial to distinguish between these two tides. The $140 million in liquidations was automated, triggered by the ebb and flow of collateral values. The $371 million in whale repayments, however, was voluntary-a preemptive strike against the specter of liquidation. Both events, though occurring within the same 48-hour window, are distinct in their nature. The former showcases Aave’s resilience; the latter, the prudence of its largest patrons.

Aave’s ETH Deposits Reach New Heights

Despite the tempest, Aave’s foundations remain unshaken. ETH deposits on the protocol reached an all-time high in early January, surpassing 3 million ETH and nearing 4 million, according to Token Terminal. Aave leads all DeFi protocols in total value locked and sits atop DeFiLlama’s rankings as of 2026. Its ability to weather such storms without faltering sets it apart from its peers.

The Moral of the Tale

The simultaneous deleveraging of these two crypto leviathans sends a clear message: even the most bullish of whales are trimming their sails as February 2026 unfolds. BitcoinOG and Trend Research, with their combined ETH holdings exceeding $3 billion, are choosing caution over bravado. The question lingers: is this mere housekeeping, or the first ripple of a broader risk-off wave among DeFi’s institutional giants?

In the words of the great Tolstoy, “All happy families are alike; each unhappy family is unhappy in its own way.” So too, it seems, with crypto whales-each navigates the stormy seas in its own peculiar fashion, yet all seek the same safe harbor.

2026-02-02 09:01