PANews reported on January 27 that, according to on-chain analyst Yu Jin, a "whale with $230 million in long positions" has shifted its focus: it closed out some of its long positions on Hyperliquid and instead used leveraged lending on Aave to go long on ETH.

• On Hyperliquid, we closed out long positions of 30,600 ETH and 427 BTC, leaving us with a remaining long position worth $680 million. The remaining position is mainly ETH, with a liquidation price of $2,158.
• He borrowed 240 million USDT from Aave through a revolving loan and transferred it to Binance, then withdrew 148,000 ETH ($431 million) from Binance. The liquidation price of ETH for this borrowed position is currently around $1,953.