According to @lookonchain, wallet 0xE9D0 borrowed 1M USDC to purchase 5,211 AAVE and now holds 338,544 AAVE valued at $69.08M on Aave while carrying $30.8M in USDC debt. According to the Arkham Intelligence address explorer cited by @lookonchain, these balances and liabilities are visible on-chain and reflect continued use of recursive borrowing by this address.

According to @EmberCN, a whale or institution accumulated about $230 million in WBTC and ETH over three weeks using Aave recursive borrowing, indicating a leveraged long structure; source: @EmberCN. The wallet holds 1,356.8 WBTC valued at $149 million with an average entry of $117,556; source: @EmberCN. It also holds 18,454 ETH valued at $81.06 million with an average entry of $4,415; source: @EmberCN. Outstanding borrowings on Aave total $114 million due to the leverage loop; source: @EmberCN. Based on these figures, the position implies roughly a 50 percent loan-to-value ratio calculated from $114 million debt over $230 million assets; source: @EmberCN. The address for verification is provided in the source post; source: @EmberCN.