A holder has maintained a position worth $1.1 billion in Bitcoin over 14 years, with an initial cost basis of only $7,800. The craziest part is that he transferred the entire position with a single click, without doing any test transactions in between. How strong must his psychological resilience be?

From the cost basis to the current price, this HODLer has experienced countless cycles of bull and bear markets. Either he has absolute conviction in his beliefs, or he has prepared a thorough risk management plan. Making a one-time move to liquidate the entire position, without scaling out or leaving some profits locked in—this decision process itself is quite intriguing.

Does this indicate a key judgment by a large holder at a specific price point? Or is it purely an asset allocation adjustment? On-chain data never lies, but the stories behind it are often the most interesting.