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An ETH whale took on $958 million in AAVE loans to accumulate ether around $3,265 per coin. Fast forward to today—with ETH trading at $3,010, the position is already showing losses, and liquidation looms at $2,140. Deploying nearly a billion in borrowed capital to build a position in an asset that's tanked 40% year-to-date signals either remarkable conviction or significant miscalculation. The coming quarter will tell us which side of that bet we're on.