ETH remains bullish. A large whale just spent $1.2 million in the past 30 minutes to sweep into the $3220-$3250 range of $ETH, currently down $50,000. This whale's strategy is executing a leveraged cycle on a certain lending platform: supplying ETH → borrowing USDC → continuing to buy ETH. Is this operation a well-thought-out layout or a FOMO chase? From the trading rhythm, large quick entries often indicate confidence in the market's future, but short-term unrealized losses also suggest there is some adjustment pressure. It is worth closely watching this whale's subsequent actions—if they continue to add positions, it may indicate institutional optimism; if they stop entering, short-term risks should be considered. DeFi lending cycles amplify both returns and risk exposure.