An unidentified wallet made a major on-chain move by withdrawing 13,800 ETH from Coinbase

The wallet, labeled "0x2b0aD," used the funds to repay variable-rate Ethereum debt borrowed against cBTC

An unidentified wallet, "0x2b0aD," performed a noteworthy on-chain maneuver by withdrawing a substantial amount of ETH from Coinbase and subsequently used a portion of the funds to repay a portion of its outstanding ETH loan on Aave.

The withdrawal from Coinbase, the largest U.S. cryptocurrency exchange, involved 13,800 ETH, valued at approximately $35.26 million. Shortly after, the same address engaged in a partial repayment of its variable-rate Ethereum loan borrowed against cBTC, a variant of Bitcoin wrapped on the Coinbase platform, with loan tokens being burned and ETH returned to Aave's lending pool.

However, this repayment is only partial. Despite sending back a large amount of ETH, the wallet still holds an open debt of 32,377.6 WETH, currently valued at around $82.61 million.

This action could be viewed as a short-term market adjustment or part of a broader deleveraging strategy. It is noteworthy that this move reduces the account's overall exposure and improves its collateral position, which could be a response to market volatility or preparation for anticipated market changes.

The price of Ethereum has been hovering in the range of $2,600, showing signs of recovery momentum in recent days. Similarly, the ETH/BTC pair has seen some recovery but remains in a longer-term downtrend. The specific factor driving this whale's activity—price expectations or internal portfolio readjustment—remains to be determined.