Looking at ETH's recent K-line movements, many friends have told me their hearts are in their throats—should they continue to hold through the paper losses? Don't rush to cut your losses just yet. Today, I want to talk not about technical or emotional aspects, but about the real actions behind the data.

Having watched the crypto market for so many years, the most interesting discovery is: short-term rises and falls are hard to predict, but "what the big players are doing" is always worth paying attention to. Recently, I tracked a top trader whose current ETH holdings have already accumulated to around 560 million. More intriguingly, this position now has an unrealized loss of 46 million, and available funds have shrunk from before to 41.87 million. Yet, they have never once considered stopping out.

Some might ask: even whales can't always hold on, right? What if they get liquidated? Here’s a clarification—players who can deploy 560 million in a single asset definitely don’t rely solely on that surface capital to withstand the market. Behind the scenes, they either have fully pledged assets as collateral or are using coordinated hedging strategies to stabilize the position. In plain terms, their risk buffer capacity is on a completely different level from ordinary retail investors. An unrealized loss of 46 million? In their operational plan, this might just be a part of their strategic layout.

What’s truly interesting is that this is only the visible action of a single large holder. According to real-time fund flow tracking, the amount of funds synchronized with their layout has long exceeded the hundred-billion level. In the crypto market, this kind of "group effect" is never a coincidence...