Two affiliated wallets under the well-known investment firm Pantera Capital recently made significant moves. According to on-chain data, these two addresses transferred 5,264 ETH to a major exchange 8 hours ago, with a total value of approximately $15.37 million, at an average purchase price of $2,919.7.

What’s noteworthy about this operation is the timing gap. This is the first on-chain interaction for these two addresses in three months. Looking back at historical records, three months ago, these addresses made large transactions around an ETH price of $4,508, which appeared to be a reduction at a relatively high point.

However, if we go back four months earlier, the institution’s strategy was completely different — they had already begun depositing into exchanges at a relatively low ETH price of around $1,800. From the bottom at $1,800 to the peak at $4,508, and now the recent deposit at $2,919, this curve clearly reflects a mature institution’s grasp of market rhythm: deploying at lows, moderately reducing positions at highs, and re-allocating after a pullback. This precise timing is a typical demonstration of large capital’s approach during the transition between bear and bull markets.