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Another wave of large ETH withdrawals. Trend Research Wallet withdrew 5011 ETH twice from a major exchange within 1 hour, equivalent to $14.68 million. This guy definitely hasn't been idle.
Currently, the total on-chain ETH holdings of this wallet have reached 612,609, corresponding to a market value of $1.79 billion. However, the average cost basis is stuck at $3,109.58, and the current unrealized loss is a bit painful—$107 million on paper.
The pace of continuous withdrawals indeed seems to be accelerating. The logic behind this large-scale escape is worth pondering.