A $216 million bitcoin whale shows a $291,600 weekly loss, but its moves look like loans
DeepSea counts an 82% win rate and a 7-day loss for an Ethereum wallet holding only cbBTC. Its trade list reads like a borrower moving collateral in and out of a lending market.
Key points
- DeepSea's shark wallet Hold5f60 on Ethereum holds $215.96 million, all in cbBTC (Coinbase's wrapped bitcoin), and shows a 7-day loss of $291,600 despite an 82% win rate.
- In six days it took out 600 cbBTC ($46.61 million) while closing out about 30 million USDS of debt, then put back 120 cbBTC ($9.40 million) and 220.46 cbBTC ($16.77 million) while new USDS debt of about $13 million appeared.
- DeepSea also logs transfers of a token named to look like USDC, in amounts that mirror the wallet's real moves, with no dollar value.
What DeepSea's data shows
DeepSea labels the wallet Hold5f60, a shark on Ethereum with the address ending in 5f60. Its wallet page, read at about 6:40 a.m. ET on November 8, 2026, lists total assets of $215.96 million, all of it in cbBTC. At CoinGecko's price of $75,907, that is about 2,845 cbBTC.
DeepSea's trade stats: minus $291,600 over 7 days, minus $234,700 over 30 days, an 82% win rate, 116 trades and $288.48 million of volume in 30 days. Its realized PnL table (profit or loss on closed trades) (6:31 a.m. ET) counts 8 closed trades in 7 days, 6 of them winners.
The trade list explains the odd mix. It shows cbBTC swapped one for one with spcbBTC, and USDS paired with variableDebtUSDS. Those are the names of a deposit receipt and a loan record in the Spark lending market (Zerion lists variableDebtUSDS as "Spark Variable Debt USDS").
Data: DeepSea (desea.io), checked November 8, 2026, 6:40 a.m. ET.
Six days of moves
Reading DeepSea's list from oldest to newest (ages as shown at 6:40 a.m. ET):
- 6 days ago: 600 spcbBTC out, 600 cbBTC in ($46.61 million); 30 million USDS in and out, and 29.98 million variableDebtUSDS gone. That reads like repaying a loan of about $30 million and taking the bitcoin collateral back. It also cashed out $5 million of aEthUSDC, the receipt for USDC deposited in Aave.
- 4 days ago: 120 cbBTC ($9.40 million) swapped for 120 spcbBTC, with 5.01 million and 2 million variableDebtUSDS added. Another $5 million of aEthUSDC was cashed out, and $2 million more three days ago.
- 2 days ago: 220.46 cbBTC ($16.77 million) swapped for spcbBTC, 6.01 million variableDebtUSDS added and $3.01 million of aEthUSDC cashed out.
Where the loss likely comes from
DeepSea logs the cbBTC as bought at about $77,683 each six days ago ($46.61 million for 600) and as sold at about $78,333 (four days ago) and $76,068 (two days ago) when it went into spcbBTC. Counted as sales, the second batch would book a loss of roughly $355,000 and the first a gain of about $78,000, close to the $291,600 DeepSea shows. But the wallet still holds only cbBTC, and the deposits appear to be collateral, not sales.
cbBTC moved by Hold5f60 in six days
US$ million
Source: DeepSea wallet page Hold5f60, read 6:40 a.m. ET, November 8, 2026.
Lookalike USDC entries
The list also shows "sells" of a token whose name looks like USDC but is spelled with lookalike and hidden characters: 7 million and 6 million eight days ago, 5 million, 2 million and 5 million three to four days ago, and 3.01 million twice plus 6 million a day ago. DeepSea gives none of them a dollar value. Several amounts match the wallet's real USDC and USDS moves. Copying amounts like this is a known trick in address poisoning scams.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think the 7-day loss is mostly an accounting effect: moving bitcoin into a lending market can look like a sale to a tracker that sees one token go out and another come in.
- The bigger signal is leverage. The wallet repaid about $30 million of USDS early in the week, then borrowed roughly $13 million again against fresh collateral as bitcoin fell. It is borrowing less than before, but still borrowing.
- The lookalike USDC entries match a known poisoning pattern. We cannot tell from DeepSea's data whether the wallet ever sent money to a fake address, and nothing shows that it did.
What's next
- Whether the wallet adds more cbBTC to Spark or repays the new USDS debt
- cbBTC's price: borrowers against bitcoin face liquidation if it falls far enough
- Any real transfer to an address that mimics this wallet's usual counterparties
Disclaimer. This article is based on public information and the sources listed below as of the update time shown. It is for information only and is not investment, legal or tax advice. Figures may change as companies and authorities publish new data.
Sources
- DeepSea, wallet page Hold5f60 on Ethereum (read November 8, 2026, about 6:40 a.m. ET)
- DeepSea, live realized PnL table (made November 8, 2026, 6:31 a.m. ET)
- CoinGecko, Coinbase Wrapped BTC (cbBTC) price (read November 8, 2026, 6:46 a.m. ET)
- Zerion, Spark Variable Debt USDS (variableDebtUSDS) token page (read November 8, 2026)
