Ethereum's fund movements have always been worth paying attention to. Recently, a large holder on a major exchange placed an order for 1,299.6 ETH at a price of $3,129.64, marking the second increase in holdings within a week.

From the account history, this whale has been accumulating since early December 2025, with a total of 51,451.6 ETH stored, worth approximately $161 million, with an average cost basis around $3,117.3. It sounds like the cost basis is quite low, but the current unrealized loss is a bit painful—about $940,000.

What's more interesting is that compared to the short-term peak in ETH's price last week, this position has retraced over $9 million in unrealized gains. Despite this pullback, the holder continues to add to their position, indicating that institutional large players still have a strong long-term outlook on Ethereum. Such contrarian buying behavior often reflects the true sentiments of some major market players.