Latest developments on large ETH holdings: A well-known whale investor initiated a building-up operation in November, with an average cost of around $3150. As of now, their 645,000 ETH position has a floating loss of up to $143 million at the current price, indicating significant pressure.

What's more interesting is that the investor revealed their plan for the next phase—preparing to inject an additional $1 billion. At this pace, their average ETH holding cost is expected to further decrease to around $3050. This scaled, phased deployment demonstrates a strong confidence in the long-term prospects of Ethereum.

Whether it is the building cost or subsequent financing plans, these data points are worth paying attention to. The movements of large holders often reflect market participants' expectations at key price levels.