In the early hours, an eye-catching operation was detected on-chain.

A wallet marked as "1011 Insider Address" by insiders completed a textbook-level series of maneuvers within three hours: first, it deposited 180,438 ETH as collateral into the Aave V3 protocol (valued at approximately $540 million at the time), then borrowed 220 million USDT, and finally transferred all of this stablecoin into an account at a major exchange. The entire process was as smooth as if it had been rehearsed countless times.

This way of playing is obvious to anyone with a discerning eye – converting your income-generating assets into cash ammunition usually has only one purpose: to prepare for a buying spree on the exchange.

It is worth pondering the timing.

The Federal Reserve has just announced a halt to its balance sheet reduction, and market liquidity expectations are beginning to ease; the Ethereum network has a major upgrade scheduled for December 3rd, and historical experience tells us that prices are often quite volatile around such technical milestones. Just at this moment, someone urgently mortgaged 500 million ETH to borrow stablecoins, even having to pay interest costs. If they claim there are no insider tips for positioning in advance, nobody would believe it.

Of course, on-chain data can only show actions and not the motives behind them. But this scale of capital allocation is not something retail investors can accomplish. It is either institutions that are extremely optimistic about the future market positioning themselves in advance, or some people have already caught wind of something.

The market is now like a fully drawn bowstring, and the whales have started to move. It is worth keeping a close eye on whether there will be a chain reaction next.