Leveraged Whale Bets Big on Ethereum with $10M USDe Loan

A large Ethereum wallet, 0x54d2, has made another significant move in the DeFi space. The address borrowed $10 million worth of USDe from Aave and used it to buy 5,818 ETH at an average price of $1,719 per token.

This is not a casual purchase, but rather a calculated leveraged bet on Ethereum by an entity that already holds approximately 131,000 ETH, valued at roughly $288 million at current prices.

The whale's strategy involves borrowing stablecoins against existing collateral on Aave and using those funds to buy more of the asset they're already long on. This particular transaction is not an isolated event for 0x54d2, as it has a well-documented history of leveraged ETH accumulation through Aave.

Another large player, which borrowed $30 million in USDT through Aave V3 to purchase 17,826 ETH on June 5, 2026, is also employing this strategy. However, there's always the risk of liquidation if Ethereum's price drops far enough.