On-chain data shows that a large holder who has been continuously long ETH through cyclic borrowing has once again significantly reduced their position in the past hour. This time, the sell-off is substantial—5,000 ETH exchanged for 14.6 million USDC.

Looking at a longer time frame, this whale's recent 11-day activity has been quite decisive. Over 11 days, they sold a total of 35,605 ETH, amounting to $103.7 million, with an average transaction price of $2,914. The profit from this operation is quite considerable, with a single cash-out profit of $13.14 million.

Currently, this large holder still maintains a substantial ETH position, holding 15,000 ETH, which is estimated to be worth $43.88 million at the current price. Such a position size and the pace of reducing holdings undoubtedly send some signals to the market—there are no signs of a full exit, but they are gradually taking profits in batches.