A major whale/institution purchased 18,557 ETH on-chain within two days at an average price of $3,451

According to Jinse Finance, on-chain analyst Yujin has monitored that a certain whale/institution purchased 18,557 ETH on-chain with 64.04 million USDT over the past two days, at an average price of $3,451. This address withdrew 47.28 million USDT from an exchange and other sources to the chain to buy ETH, then staked the ETH on Aave to borrow another 16.75 million USDT to continue purchasing ETH. In other words, they used some leverage. Currently, this whale/institution is estimated to be holding 38,000 ETH (worth $135 million).