A well-known wallet absorbed 8,550 ETH at an average price of $2,991 last week, but is now beginning to adjust its position. The latest move was transferring 3,000 ETH to a major exchange earlier today, equivalent to approximately $8.93 million.

Interestingly, this transfer operation faces a floating loss risk of $43,000 — selling at the current price would incur a loss. Another part of the position built last week still holds 5,550 ETH, which is also underwater, with an unrealized loss of about $46,000.

Although there are signs of reducing the position, this large holder has not completely liquidated. The entire wallet still holds 22,981 ETH, indicating that he may remain cautiously optimistic about the long-term outlook of this cycle. However, the active deposit to the exchange does send a signal — the big player might be engaging in phased position management at this level, neither aggressively buying nor fully selling off, but making a more cautious choice within this price range.