On-chain data shows that a major wallet address 0x3952 has recently attracted attention. In just the past 2 hours, this whale bought 12,000 ETH, costing approximately $39.98 million.

Zooming out to see his overall strategy is even more interesting. From June 22 to now, he has withdrawn a total of 116,000 ETH from a certain exchange, with an average cost of $3,138 per ETH, totaling $364 million. During the same period, he deposited 35,021 ETH back into the exchange, with the average price rising to $4,035, totaling $141.3 million. This appears to be a multi-month arbitrage cycle.

Currently, his account still holds 80,979 ETH, with a market value of about $270 million based on recent prices. More importantly, over the entire operation cycle, he has already realized a profit of $47.5 million. This large-scale, multi-stage positioning and batch entry and exit strategy indicates that institutional-level players truly have a good grasp of market rhythm.