On-chain data monitoring has revealed that a large holder accumulated 8,550 ETH last week at an average cost of $2,991. Given the market trend, this whale has started to reduce their position. 10 hours ago, this address transferred 3,000 ETH to a major exchange in a single transaction, worth approximately $8.93 million — but if they sell, they would incur a loss of $43,000. Even more painfully, the 5,550 ETH they kept during the initial purchase are currently in unrealized loss, with a paper loss of $46,000. However, this whale is still quite active; their entire wallet still holds 22,981 ETH, indicating they still have plans for the market — either gradually reducing their position to lower risk or waiting for a better price. This series of actions somewhat reflects the current mindset shift among some major market players.