An Avalanche shark swapped $1.45 million of Aave USDC deposits for Benqi's in two trades
DeepSea logged the switch as both the second-largest net shark buy and the second-largest net shark sell of the day across all chains. The wallet's closed trades in the last 30 days: five, all winners.
Key points
- A shark wallet ending in c631 sold $1,447,029 of aAvaUSDC, Aave's USDC deposit token on Avalanche, and bought the same amount of Benqi's qiUSDCn in 24 hours, DeepSea shows.
- At CoinGecko's USDC price of $0.9997, that is about 1.45 million USDC changing lending markets.
- The wallet has closed 5 trades in 30 days, all winners, for a realized gain of $3,449.
What DeepSea's data shows
In DeepSea's 24-hour shark table made at 6:35 a.m. ET on November 7, the second-largest net buy on any chain is qiUSDCn on Avalanche: $1,447,029 bought, nothing sold, by one wallet in one trade. The second-largest net sell is aAvaUSDC on Avalanche: $1,447,029 sold, nothing bought, also one wallet and one trade. Only uniBTC on Berachain was sold in larger size.
DeepSea's wallet table shows both sides belong to the same shark, ending in c631: $1,447,029 in and $1,447,029 out, two trades. DeepSea gives it no label beyond shark. Its realized PnL table (closed trades, first in, first out) shows +$1,961 over 7 days on 2 trades and +$3,449 over 30 days on 5 trades, every one a winner.
Data: DeepSea (desea.io), checked November 7, 2026, 6:35 a.m. ET.
What the two tokens are
Lending apps hand you a receipt token when you deposit. aAvaUSDC is the one Aave V3 gives for USDC on Avalanche. qiUSDCn is the one Benqi, an Avalanche lending app, gives for its native USDC market. Both earn interest and can be swapped back for USDC.
So selling one and buying the other in equal size looks like a deposit moving from Aave to Benqi. Lenders often do this to chase a better rate, but the data does not show this wallet's reason.
Checking the size
CoinGecko priced USDC at $0.9997 at 6:42 a.m. ET, so the move was about 1.45 million USDC. Benqi's QI token traded at $0.00174, down 14.2% in seven days and 40.8% in 30 days, with a market value of $12.5 million. AVAX was $8.27, down 24.1% in 30 days. We could not open the Snowtrace explorer or DefiLlama from our system in this run, so the transfer itself is not confirmed on a second on-chain tool.
Avalanche shark moves, last 24 hours
US$ thousand
November 7, 2026, 6:35 a.m. ET. Source: DeepSea live feed.
A different Avalanche shark
Another Avalanche shark, ending in 8d38, bought $130,899 and sold $79,693 in 18 trades over the same day. Its record is the opposite of c631's: minus $331,939 realized over 30 days, with 8 winners in 33 closed trades.
LC Insight analysis
This section is our reading of the facts above, not a statement of fact.
- We think this is a lending move, not a bet on price: both legs are dollar tokens of the same size.
- We could not check the size of Benqi's USDC market this run, so how much a $1.45 million deposit moves its rate is an open question.
- The wallet's record is small and has no losing closed trades so far. That does not mean its moves predict anything.
- The other big Avalanche shark lost $331,939 over 30 days. Two sharks on the same chain can have opposite records, so the label alone says little.
What's next
- Whether the c631 wallet moves the USDC again, or back to Aave
- Benqi's USDC deposit rate after the inflow
- Whether the 8d38 wallet keeps trading at a loss
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.
