#以太坊大户持仓变化 【Loss of 3.8 million then re-entering the market, what logic is behind this move?】

This morning, a seasoned address executed a textbook-level position adjustment—first closing out its BTC long position on the exchange, incurring a loss of about $3.8 million.

But the real interesting part is coming.

Immediately after, this address moved the remaining 31.7 million USDC through Wintermute OTC to buy 10,000 ETH in one go. The entire account now looks like this:

ETH total position: 40,000
Account market value: approximately $127 million
Average cost: $3,241

What is the message behind this move? Let’s break it down:

**Stop-loss does not mean bearish**
Deciding to cut the BTC position is quite straightforward—it’s not about thinking the crypto market is over, but about adjusting the main betting direction. A style switch, not a full retreat.

**Why choose OTC trading instead of dumping on the market**
If large funds directly sweep 10,000 ETH on the secondary market, the impact cost would be unbearable. Completing the trade through OTC channels is standard for institutional players—it allows for relatively stable prices and avoids market noise.

**What does it mean to re-enter immediately after a stop-loss?**
The key signal here is: the direction hasn’t changed; only the asset allocation weights have been adjusted. True smart money isn’t about holding on just because they guessed right, but about continuously optimizing the portfolio according to market rhythm.

Ultimately, the stop-loss discards outdated views, leaving confidence in the market intact.

$BTC $ETH $SOL