Large transactions have appeared on the Ethereum chain again. A heavyweight whale has accumulated a total of 50,152 ETH since early December last year, worth approximately $156 million. Recent actions have been more frequent—just transferred 2,836 ETH (about $915,000) into a lending protocol, followed by borrowing out 6.2 million USDT to a major exchange, continuing to increase long positions. The average price of ETH for this whale is about $3,117, with an unrealized profit of $6.207 million at current prices. Judging by these actions, this is not just simple accumulation—first transferring from the exchange to a lending platform to increase leverage, then borrowing stablecoins back to the exchange. This cycle clearly aims to exploit lending interest rate spreads and price expectations to build incremental positions. In the current volatile environment of Ethereum, such moves by large holders often signal their outlook on the market.