PANews reported on February 4th that, according to MLM monitoring, an entity is selling large amounts of ETH through Hyperliquid to repay its Aave loans across 11 wallets. This entity sold 31,700 ETH (worth $80.8 million) on Hyperliquid in the past 5 hours, and a total of 47,000 ETH (worth $120 million) over the past 4 days.

They still deposited 49,600 ETH (worth $112 million) with Aave as collateral, while simultaneously borrowing 86 million USDC using this collateral. As the price of ETH fell, this position was nearing liquidation, forcing them to continue selling ETH to repay debts and avoid full liquidation.