An early Ethereum participant's recent actions have attracted attention. According to on-chain data monitoring, this holder accumulated 154,076 ETH in the early days of Ethereum at an average price of around $517. Now, he is gradually cashing out these early assets.

In the past two days, he transferred 40,251 ETH in one go to the mainstream exchange Bitstamp, which is worth approximately $124 million at the current price. The signals behind this move are obvious — early holders are exiting in batches.

What's more interesting is that even after this large transaction, the holder still has 26,000 ETH in his wallet, with a market value of over $80 million. This indicates he is not fully liquidating his holdings but adopting a relatively moderate reduction strategy. From his entry cost to the current market price, his unrealized gains are already quite substantial. The position changes of such large holders often reflect long-term shifts in market sentiment.