Whale wallet 0x3E38 has executed high-value Bitcoin acquisitions totaling over $107 million, highlighting increased institutional use of decentralized finance (DeFi) tools for amplified exposure.
The entity acquired 475 WBTC valued at approximately $56 million, paying an average price of $115,733 per token. It simultaneously leveraged borrowed funds from lending protocol Aave to establish a long position on Bitcoin.
In a parallel move, the whale opened a 10x leveraged long position for 434.6 BTC (worth ~$51.6 million) on derivatives exchange Hyperliquid.
These coordinated transactions illustrate the growing trend of sophisticated investors utilizing DeFi platforms and derivatives exchanges to significantly scale Bitcoin exposure beyond direct holdings.