According to Lookonchain, the wallet labeled BitcoinOG (address 0x4116812b89749563d40B0ffC187Db7ce668711Cb) deposited 55,340 ETH (approximately $157.2M), borrowed $50M USDT on Aave, and transferred the USDT to Binance (source: Lookonchain; Arkham). The reported figures imply an initial loan-to-value near 31.8% using the stated ETH valuation, indicating moderate leverage relative to collateral for now (source: Lookonchain). Lookonchain flagged the possibility of a looped borrowing strategy; on Aave, looping typically means borrowing stablecoins against ETH, buying more ETH, and redepositing to increase collateral and exposure (source: Lookonchain; Aave documentation). Such leverage increases liquidation risk if ETH price declines and can amplify upside if ETH rallies, as outlined in Aave’s risk framework where positions can be liquidated if the health factor falls below threshold (source: Aave documentation). No on-chain evidence of ETH purchases from the transferred USDT was provided in the disclosure, so the buy-side intent remains unconfirmed at this time (source: Lookonchain). Given the USDT was sent to Binance, monitoring Binance ETH spot flows, any changes to the address’s Aave health factor, and subsequent on-chain swaps would be key for confirmation of follow-through (source: Lookonchain).