A major whale or institution has reportedly capitalized on the recent decline in Ethereum (ETH) prices, emerging as one of the biggest beneficiaries. On October 20, the entity collateralized $700 million in USDC on the Aave platform to borrow 66,000 ETH, valued at approximately $262 million. The borrowed ETH was then shorted on Binance at a price of $4,032 per ETH. As ETH prices fell, the whale recently retrieved 40,041 ETH from Binance, worth about $151.1 million, repaying part of the loan at an average price of $3,773 per ETH. With 26,000 ETH still outstanding, the operation is estimated to have netted a profit of around $20 million based on current ETH prices.