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A large investor who has been going long on ETH through circular loans has been very active recently. In just 20 minutes, they sold 5230 ETH, amounting to a staggering $15.75 million at the market price of $3013 at that time.
Looking at the timeline in detail, this wallet's activity over the past 7 days has been astonishing—accumulating sales of 25,829 ETH, worth a total of $74.85 million, with an average transaction price of $2,898. Considering that their holding cost was only $2,545, this round of reduction has already locked in a profit of $9.11 million.
As of now, this whale still holds 24,700 ETH in their wallet, valued at approximately $7.448 million at the latest price. It seems they do not intend to fully liquidate, but are selectively taking profits at high market levels.