An interesting on-chain data point has attracted attention: since December 5th, a certain Ethereum whale has been accumulating a total of 38,415.18 ETH, worth approximately $119 million.

The latest movement is even more intriguing. Within half an hour three days ago, this address withdrew 3,997 ETH from a major exchange, totaling $11.76 million. The average cost basis for these ETH was about $3,111.38, and at the current price, it has an unrealized loss of $6.576 million. Even more interesting, 15 minutes ago, this whale deposited 15.3 million USDT into an exchange — a move that usually indicates potential new buy orders are being prepared.

Looking at the complete profile of on-chain address 0xce9...57c69, this whale has staked 41,523.24 ETH in the staking ecosystem and borrowed 69.82 million USDT for leverage. This complex strategy suggests that this large holder is not only betting on the long-term appreciation of ETH but also utilizing the lending market for more sophisticated asset allocation.

Market interpretation has a lot of room: continuing to build positions despite unrealized losses on the average holding price either indicates extreme confidence in the future market or is part of a larger, long-term investment plan. Only time will tell which is the case.