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Interesting discovery. On-chain data shows that a major whale address just in the past half hour transferred 33,499 ETH into a staking contract, equivalent to about 106 million RMB. But there's a detail—this guy originally bought this batch of ETH at a cost of 113 million USD, meaning he's now at a loss of 7.36 million USD.

Under this kind of pressure, choosing to stake still—what does it indicate? Either a long-term bullish outlook on ETH or using staking to hedge risks. However, based on recent on-chain activity, the actions of large holders are indeed worth paying attention to. The staking behavior of these whales often reflects a turning point in market confidence.