On March 4th, COINOTAG News reported a significant movement in the cryptocurrency market, revealing that an address linked to Longling Capital executed a withdrawal of 2,000 ETH (worth approximately $4.1 million) from Binance and transferred it to Aave. This strategic maneuver indicates a typical practice where individuals leverage Aave to borrow USDT or USDC, subsequently redepositing these assets into Binance to amplify their ETH holdings. Notably, this wallet has previously channeled a total of 73,302 ETH (approximately $151 million) into Aave, while borrowing a substantial sum of 47.4 million USDT and 16.22 million USDC. Such activities underscore the ongoing trend of utilizing decentralized finance (DeFi) platforms for optimizing returns in the cryptocurrency ecosystem.
Source: https://en.coinotag.com/breakingnews/longling-capital-withdraws-2000-eth-from-binance-to-aave-in-major-funds-shift/