Crypto Whale Borrows $2.6M to Buy More BNB After 23% Rally

A crypto whale has used a lending loop on Venus to increase exposure to BNB after the token gained more than 23% over the past month.

The wallet, identified as 0x2160, withdrew 8,474 BNB worth about $5.9 million from Binance and supplied the tokens to Venus. It then borrowed 2.6 million USDT against the position and transferred the stablecoins to Binance to purchase additional BNB.

Venus is a decentralized finance (DeFi) lending and borrowing protocol that allows users to supply crypto assets as collateral and borrow other digital assets against them.

BNB was trading at $698.89 after rising 23.3% over the past month. The token remains about 49% below its all-time high of $1,369.99, reached on Oct. 13, 2025.

Source: Lookonchain