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Another big fish has been caught. A whale who is optimistic about ETH withdrew over 21,850 Ethereum from an exchange in early December, totaling approximately $70.06 million, with an average cost basis of $3,231. Now the unrealized loss has exceeded $6.24 million. Six hours ago, they were still adding to their position, withdrawing another 2,000 ETH (worth $5.84 million).
Currently, these 21,850.15 ETH are spread across five wallets. One wallet, address 0xce9…57c69, is quite interesting; it’s in a looping long position—pledging 18,706.9 ETH to borrow more to leverage up. It seems they haven't given up, continuing to pile up chips at the bottom. This kind of strategy is indeed very risky in a volatile market.