Crypto whale activity is heating up again, and the latest to make headlines is wallet address 0x9992, who just took a massive bet on Ethereum. Two hours ago, this wallet borrowed $10 million in USDC from the lending platform Aave, immediately using it to purchase 2,909 ETH. This isn’t a one-time move — it’s part of a larger strategy that showcases growing whale confidence in Ethereum.
Massive ETH Holdings Signal Strong Conviction
Wallet 0x9992 is not new to this game. The address currently holds 83,816 ETH, which is valued at $288.6 million at the time of writing. All of this ETH is deposited on Aave, acting as collateral for stablecoin loans.
With this latest loan, 0x9992 has increased their total stablecoin borrowings to $122.89 million. This kind of activity suggests the whale expects ETH to rise in value — and is using borrowed funds to multiply gains.
Besides the #66kETHBorrow whale, another whale 0x9992 is also borrowing to buy more $ETH!
— Lookonchain (@lookonchain) November 12, 2025
2 hours ago, 0x9992 borrowed 10M $USDC from Aave to buy 2,909 $ETH.
He currently has 83,816 $ETH($288.6M) deposited on Aave and has borrowed $122.89M in stablecoins.… pic.twitter.com/ZxFsQaexqo
Aave Continues to Attract High-Level Borrowers
The move also highlights Aave’s role in the DeFi ecosystem. It’s a platform where top crypto holders can access liquidity without selling their assets. By leveraging their ETH holdings, whales like 0x9992 can strategically accumulate more crypto without reducing their existing positions.
This strategy, while risky, is not uncommon in bull markets or periods of rising confidence. With ETH’s recent price performance and increased attention from other whales (such as the #66kETHBorrow case), we may see more high-stakes borrowing and accumulation in the coming weeks.