Recently noticed an on-chain movement that really woke me up. A large holder who has been holding ETH for nearly 5 years suddenly started making frequent moves. This warrants a detailed analysis.

This wallet's cost basis was only $660 per ETH at the time, but now, with the price around $3400, they are疯狂ly dumping assets onto exchanges. In just the past day alone, they transferred 40,000 ETH to mainstream exchanges, which amounts to about 124 million USD. After so many years of holding steady, suddenly making such moves—one can imagine the underlying logic.

What’s even more heartbreaking is that this individual has transferred a total of 75,000 ETH into exchanges, accounting for 74% of their entire position. You read that right—almost three-quarters of their holdings are on the move. This is no longer a small adjustment or a quick profit-taking move; it’s either a direct cash-out or brewing some big move. Regardless of the scenario, such a massive sell order sitting there instantly saps market buyer confidence.

From an emotional perspective, the short-term selling pressure on ETH is basically set. Any subsequent rebounds are likely just opportunities for the main players to offload their positions. Chasing in at this point is essentially helping them lift the price for their exit. The crypto market’s rule is clear: when big whales move, retail investors need to carefully consider the underlying motives.

On the technical side, this is also confirmed. The bulls no longer have room to push prices higher, and bears are gaining control. From the weekly chart, ETH is stuck in a repetitive retest rhythm; each rebound fails to attract additional capital, and trading volume is shrinking. Coupled with news of whale liquidation, market sentiment is heading toward extreme caution.

I recommend everyone stay observant during this period. Watch whether this big holder’s actions continue and where the market will find new support. Rashly bottom-fishing or chasing higher could easily lead to losses.