A long-term holder has appeared. This whale/institutional account has been holding 101,000 ETH for the past five years, with an initial average purchase cost of only $660.

In the past 24 hours, the situation has suddenly changed—they transferred 40,251 ETH to a major exchange, worth approximately $124 million. Even more notably, just an hour ago, another 26,000 ETH (about $80.16 million) flowed into the platform.

The logic behind this transaction is intriguing. A holding cost of $660 means that, at current prices, the paper gains have already multiplied several times. Large transfers to exchanges usually indicate that such big players are planning their next move—possibly taking some profits or preparing for market shifts.

In the current environment of increased ETH market volatility, such whale movements often serve as a barometer of market sentiment.