Recently, there is an interesting on-chain signal worth paying attention to. A large holder, after being silent for 3 months, suddenly transferred 2,015 ETH to an exchange, a transaction worth nearly $6.67 million.

Interestingly, this participant has actually suffered losses before. During a previous withdrawal, they lost $2.04 million, with the withdrawal amount being approximately $8.73 million at that time. Logically, after experiencing such a loss, many might have cut their losses and exited the market. But this whale chose to continue participating.

From on-chain behavior, this may reflect a certain judgment about the subsequent market trend—either a re-entry mechanism or an adjustment of the position structure. In the crypto market, losses are not always the end. Sometimes, daring to re-enter during a downturn indicates a deep understanding of the market. Every decision is an accumulation of experience to do better next time. Of course, this also reminds us: every move by on-chain whales is worth traders thinking about more carefully.