The recent trading pattern of a major holding address is worth noting. Within the ETH price range of $3140 to $3200, this address has begun to gradually realize profits and reduce holdings, with a reduction of approximately $3.1 million. Currently, the ETH position still stands at $23.58 million, with an unrealized profit of $1.11 million, and an average entry price of $3,037.

Interestingly, the freed-up funds haven't been idle — they were used to increase long positions in HYPE. The current HYPE long position has grown to $5.38 million, with an average price of $25.8. What signals might be hidden behind this pattern of increasing and decreasing positions?

Looking back, since December 17, this address has been steadfastly holding ETH longs. During this period, it employed a combination of high sell and low buy, rolling in and out of positions. The ETH holdings grew from about $13.2 million to nearly $20 million in just seven days. This rhythmic operation demonstrates not only risk management awareness but also a good sense of market timing.