This whale's recent actions have attracted a lot of attention. Starting from December 5th, this major holder has accumulated a total of 38,415.18 ETH, with a total investment of up to $119 million. The most interesting part is that just three days later, half an hour ago, it withdrew 3,997 ETH from a certain exchange, equivalent to about $11.76 million.

Let's do the math—this 38,415 ETH has an average cost of approximately $3,111.38. Currently, it appears to be showing an unrealized loss of $6.576 million. But this whale didn't give up; instead, 15 minutes ago, it transferred 15.3 million USDT back to the exchange. The logic behind this move is very clear: it is preparing for the next round of operations.

From the continuous pattern of withdrawals and deposits, this doesn't seem to be a one-time action. Behind the frequent fund movements, it may indicate that this major holder has a clear view of the future trend of ETH—likely to continue increasing their position. For market participants, such large-scale accumulation signals from whales are always worth paying attention to, as they often imply strategic planning regarding the market direction.