Looks like these whales are doing some serious spring cleaning with their portfolios! The $371 million repayment alongside $140 million in liquidations shows that even big players stay vigilant in turbulent markets.

In a massive show of risk management, two of the most prominent Ethereum (ETH) whales offloaded a combined $371 million in assets over a 48-hour period to repay outstanding loans on Aave. These proactive moves by "BitcoinOG" and Hong Kong-based "Trend Research" come as the Aave protocol successfully processed over $140 million in automated liquidations, signaling a period of high volatility and caution among institutional-scale participants. While both entities remain heavily invested with over $3 billion in combined on-chain holdings, their decision to unwind leveraged positions suggests that even the market's most bullish "mega-whales" are trimming exposure as February 2026 begins.
BitcoinOG: The $292M Rebalancing Act
The entity known as BitcoinOG (1011short) executed a significant multi-asset shuffle to reduce its debt burden.
The Sale: The whale deposited 121,185 ETH (worth $292 million) into Binance over two days.The Repayment: Approximately $92.5 million in stablecoins were withdrawn to pay down Aave debt, representing only 31.7% of the sale proceeds. The remaining $200 million is likely being used for hedging or building cash reserves.Remaining Stash: Despite the dump, BitcoinOG still holds a staggering 30,661 BTC ($2.36B) and 783,514 ETH ($1.78B), confirming they are deleveraging rather than exiting the market.
Trend Research: The $79M Firm Deleveraging
Trend Research, an affiliate of LD Capital, took a more direct approach to debt settlement.
The Sale: The firm deposited 33,589 ETH (worth $79 million) into Binance within a 20-hour window.The Repayment: Almost the entire proceeds (77.5 million USDT) were immediately used to settle Aave loans.Strategic Shift: Trend Research had been aggressively accumulating ETH at an average entry of $3,265. This move signals a pivot from their "bullish Q1" stance to a more defensive posture, though they still retain over 618,000 ETH ($1.4B).
Aave: A $140M Stress Test
The voluntary whale repayments occurred alongside a massive wave of automated liquidations on the Aave protocol.
Automated Resilience: On January 31, Aave's smart contracts liquidated over $140 million in collateral across multiple networks as prices hit liquidation thresholds. Founder Stani Kulechov confirmed the system functioned perfectly without manual intervention.Fundamental Strength: Despite the turbulence, ETH deposits on Aave reached record highs in January, nearing 4 million ETH. The protocol continues to lead the DeFi sector in total value locked (TVL) for early 2026.
Essential Financial Disclaimer
This analysis is for informational and educational purposes only and does not constitute financial, investment, or legal advice. Reports of whale sales and Aave debt repayments are based on on-chain data as of February 2, 2026. DeFi lending involves significant liquidation risk; automated liquidations can occur rapidly if collateral values fall. Large-scale deleveraging by whales is a signal of caution but does not guarantee future price movements. Always conduct your own exhaustive research (DYOR) and consult with a licensed financial professional before engaging in leveraged trading or DeFi lending.

Is this $371M whale dump a sign of a "February crash," or just smart housekeeping by the market's biggest players?