Ethereum whales withdraw 21,000 coins within ten days, revealing the leverage game behind a $6.24 million unrealized loss

According to on-chain data tracking and monitoring agencies, a large Ethereum holder has recently adopted an aggressive trading strategy. Between December 5 and 15, this investor withdrew a total of 21,850.15 ETH from multiple trading platforms, equivalent to approximately $70.6 million. Based on the average withdrawal price of $3,231 at that time, the unrealized loss has now accumulated to about $6.246 million. The latest move occurred less than 6 hours ago, with an additional 2,000 ETH (about $5.84 million) being transferred.

Risk Exposure Behind Leverage Strategy

This whale investor is not simply hoarding ETH but employing more complex financial operations. All withdrawn Ethereum are distributed across five separate wallet addresses, with one core wallet operating in a cyclic long mode. Specifically, this wallet has collateralized 18,706.9 ETH to borrow 31.34 million USDT from lending protocols.

The operational logic is: using Ethereum as collateral to borrow stablecoins from the protocol, then using the stablecoins to purchase more ETH, forming a leveraged long position. If ETH prices fall, this structure faces chain reaction risks.

Health Status Warning: Critical Threshold at 1.41

Data shows that the health factor of this wallet is 1.41. In lending protocols, the health factor is a key indicator of liquidation risk—generally, the lower the health factor, the higher the risk of forced liquidation. Although 1.41 has not yet reached a critical level, the relatively fragile buffer space means that any significant price fluctuation could trigger a chain reaction.

Real-time data indicates that ETH is currently trading around $3,100, which is significantly below the $3,231 withdrawal cost. If prices continue to decline, the risk faced by this leveraged position will further increase.