An unidentified wallet made a major on-chain move by withdrawing 13,800 ETH from the leading cryptocurrency exchange in the U.S., Coinbase. Based on current prices, this withdrawal is the equivalent of $35.26 million. Soon after, the same address repaid a portion of its outstanding ETH loan on Aave.

The wallet, labeled “0x2b0aD,” used the funds to repay variable-rate Ethereum debt borrowed against cBTC, a version of Bitcoin wrapped on the Coinbase platform. The blockchain data shows that 13,750 ETH of the loan token was burned and about 13,800 ETH were sent back to Aave’s lending pool.

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However, this repayment is only partial. Having sent back a large amount of ETH, the wallet still has an open debt of 32,377.6 WETH, valued at around $82.61 million.

Whether this move signals a wider deleveraging strategy or a short-term adaptation will become clearer over time. Either way, it reduces the account’s exposure and improves its collateral position, possibly as a way to manage volatility or prepare for further changes in the market.

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The price of Ethereum has been fluctuating around the $2,600 level, displaying some recovery momentum in recent days. So has the ETH/BTC pair, though it remains in a longer-term downtrend. What motivates this whale’s activity – price expectations or internal portfolio rebalancing – is still unknown.

So far, no further movement has been made by the wallet.