- Two Ethereum whales acquired $7.5M in AAVE using borrowed USDC and GHO tokens.
- Coordinated AAVE-USDC swaps hint at OTC-style asset rebalancing on Ethereum.
- Gnosis Safe Proxy handled over $10M in AAVE and GHO via CoW Protocol and Aave.
Two high-value Ethereum wallets executed a series of synchronized transfers exceeding $10 million in AAVE and GHO tokens, with blockchain data pointing to leveraged borrowing, liquidity rotation, and DeFi-based asset rebalancing. The transfers, which occurred over an 11-hour span, involved both stablecoin borrowing and token minting, with activity routed through leading decentralized finance protocols including Aave and CoW Protocol.
The transactions are now recorded on-chain, with address-level data confirming that the parties involved held substantial AAVE positions before and after the latest events. The coordination, mirrored values, and choice of protocols point to structured fund management strategies executed on-chain.
$7.5 Million in AAVE Acquired Using Borrowed Capital
According to Lookonchain data, wallet 0x372c borrowed $5 million in USDC directly from the Aave lending protocol and used the capital to acquire 19,608 AAVE tokens. The transaction was completed approximately 11 hours prior to reporting, with the receiving wallet now holding 280,673 AAVE, valued at $69.44 million.
A separate wallet, 0xeBb4, executed a similar strategy by borrowing 2.5 million GHO and using it to purchase 10,131 AAVE tokens. This address now maintains a balance of 120,513 AAVE, equivalent to $29.8 million in value. Both wallets are previously linked to large-volume transfers, reinforcing the consistency of their transaction patterns.
Swap Between AAVE and USDC Reflects Coordinated Movement
In a parallel transaction reported by Arkham Intelligence, wallet 0xE9D0… transferred 19,608 AAVE tokens, valued at roughly $4.76 million, to wallet 0x372c…. Within the same timeframe, that receiving wallet sent out 5 million USDC to another address, 0x95BF…, in what appears to be a direct asset swap.
The movement points toward the use of a more common OTC strategy to rebalance a portfolio. Looking at historical data, it seems these wallets consistently move the same size of AAVE in each session, suggesting a common approach to using funds within DeFi on Ethereum.
Although there were many purchases during the swap, AAVE’s price did not experience significant swings, indicating that the trades were carefully set up to avoid activating slippage or programmed responses.
Gnosis Safe Proxy Moves Over $10M via CoW Protocol and Aave
Coversix analysis detected that the Gnosis Safe Proxy address 0xeBb4 saw seven or more transactions occurring within an hour. The sequence was initiated when 10,131 AETHAA tokens moved into the system directly from the Null Address which is usually a sign of a mint event. Immediately after receiving the tokens, they were sent to the Aave Ethereum contract and marked down as AAVE tokens worth $2.45 million.
The address was subsequently involved in several swaps on the CoW Protocol’s settlement contract. In the first transaction, 1.38 million GHO was received and 5,585 AAVE tokens were sent and the second transaction received 1.12 million GHO and sent 4,546 AAVE tokens. Due to the currency value adjustments, it seems both sides engaged in equal deals.
