According to PANews on October 9, according to Lookonchain monitoring, the whale address starting with 0x111 is using Aave circular lending to go long on the ETH/BTC exchange rate pair. The specific operation is: deposit ETH into Aave, then borrow WBTC, then exchange WBTC for ETH, and then deposit ETH into Aave again and borrow WBTC.

At present, the address has accumulated 44,956 ETH (about 73.5 million US dollars) and borrowed 2,088 BTC (about 58.3 million US dollars).