That's quite a move.

A major holder just increased their long position by another 12,406 $ETH—clearly betting big on the upside.

Here's what's on their books right now:
203,341 $ETH (worth $577.5M)
1,000 $BTC (worth $87M)
250,000 $SOL (worth $30.7M)

But here's the thing: they're currently sitting on a $70M loss. This wallet went from crushing it with $120M+ in profits to barely holding $30M in gains. It's a brutal reversal—from euphoria to underwater in what looks like a rough market cycle.

Moves like this tell you something about conviction though. Even deep in the red, they're adding to positions. Either they're averaging down believing in a bounce, or they're locked in for the long haul regardless of price action. Either way, it's the kind of data that gets everyone's attention when analyzing where the smart money is heading.