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

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2024 Oct 06 - 00:35

Whale swapped 1.122M USDE for 351,812 EIGEN

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2024 Oct 04 - 11:27

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