A major player has recently emerged on-chain, worth mentioning.

This player is currently holding over 70,000 ETH, which amounts to around $218 million at current prices. Their cost basis is locked in around $3,068, and they’re already sitting on an unrealized profit of over $3.2 million.

What’s interesting is their track record. Remember the big crash on October 11 last year? Right before that downturn started, this person built up a $500 million short position in BTC, ultimately netting nearly $100 million in profit. The market has speculated whether they have access to some special sources of information, since their timing always seems to hit critical moments.

Now the situation has changed dramatically—they’ve gone all-in on ETH longs. This is actually a pretty clear signal, at least indicating that they believe Ethereum has potential in this cycle. Of course, whales aren’t always right, but their moves are definitely worth watching. After all, being able to consistently make this kind of money in the market means they must know a thing or two.