On-chain monitoring data shows that a large holder has swept in a substantial 575 ETH over the past 30 minutes, bringing their total holdings to 5,575 ETH, worth approximately $15.92 million. This operation occurred during a relatively dull market period, prompting the on-chain activity monitoring system to sound an alert.

What’s noteworthy is that the account of this holder is currently in a floating loss—about $380,000 on paper—yet they continue to add to their position. According to contract parameters, the liquidation price for this account is set around 2753.

The large holder is increasing their position in a deep loss situation. Market interpretations generally fall into two perspectives: First, the holder has grasped some market signals that ordinary traders have not noticed, believing that the current price level is attractive; second, this may indicate a critical point of a risk event. Account data is often more honest than emotions—such operations either represent firm conviction and strategic positioning or could evolve into textbook-level liquidation cases.

From a market structure perspective, when whales significantly build positions near key support levels, it often serves as a reference signal for subsequent price movements. Whether the 2753 level can hold not only concerns the survival of this account but may also influence the short-term market sentiment of the entire ETH ecosystem.

For investors tracking on-chain whale movements, the key question now is: Is this a low-buy opportunity at the bottom, or the edge of a trap? The chip layout of whales often contains the true judgment of market participants—observing the subsequent evolution of such large transactions often reflects market expectations more accurately than technical analysis.