A whale converted 1.241 RETH to 3.754 USDE following the recovery in ETH price

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Oct 30, 2024

SOC Team

A whale converted 1.241 RETH to 3.754 USDE following the recovery in ETH price

Total tokens transferred

3.754K

USDE

A whale at 0xae4f35 just converted his entire 1.241K RETH to 3.754M USDE and staked it all to receive sUSDE.

Two years ago, he withdrew 1.285K ETH from FTX shortly before the firm’s collapse (ETH price was around $1.3K) . He then gradually converted this amount to RETH up until July 2023.

Five hours ago, he chose to sell all his RETH for USDE through multiple steps: RETH -> ETH -> USDC -> USDE. Finally, he staked all his USDE to acquire sUSDE, which currently offers a 13% APY.

This strategy appears to be aimed at reducing risk following an 8% rise in ETH price this week.

His address: 0xae4f35d0b1f14c108c002df28243b6093765ed80

Related signals

2024 Oct 06 - 00:35

Whale swapped 1.122M USDE for 351,812 EIGEN

Whale 0xcfc further bought 351,812 EIGEN using 1.122M USDE in the past hour. Overall, this early holder of EIGEN has bought 681,708 EIGEN ($2.24M) at $3.288 on average in the past 17 hours, now holding 947,803 EIGEN ($3.02M).

2024 Oct 04 - 11:27

Whale swapped the last $958K worth of losing RETH to EIGEN

Whale 0x1d6 just exchanged the last 360 RETH ($958K) for 279,449 EIGEN. Overall, the whale swapped all 721.7 RETH ($1.92M) for 553,816 EIGEN over the past 9 hours, closing the first RETH trade with an estimated loss of $895K (-31.8%) after nearly 6 months.

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