Last night, a classic on-chain operation appeared, with every step of a whale's actions clearly laid out.

It sounds simple—withdraw 2836 ETH (worth about $9.15 million), then use it as collateral in lending protocols like Aave. Next, he borrowed 6.2 million USDT, which immediately went into an exchange account. What’s next? Use this 6.2 million to continue buying ETH.

This guy didn’t stop. Over the past month, he repeatedly executed this cycle, accumulating a total of 50,000 ETH. The average price was just $3,117, and now his unrealized profit has exceeded $6.2 million. In other words, he’s essentially doing the same thing—using the appreciated ETH as a "property deed," collateralizing it to get a down payment, then buying another property, and so on. Every time the price increases by one point, his wealth multiplies.

It sounds great, but the risks are also very real. If ETH continues to surge, this strategy becomes a wealth multiplier, with growth expanding geometrically. But what if the price suddenly crashes? Collateral shrinks, the borrowed debt remains the same, and a chain liquidation could be triggered instantly. At that point, unrealized gains evaporate just as quickly, leaving you with nothing.

This is the dual nature of leverage—amplifying gains while also magnifying risks.