After ETH broke through the $3,200 mark, those institutions and large investors who made high-profile moves earlier finally freed themselves from losses.

Among them, the whale who made a large long position through the Hyperliquid platform drew the most attention — he accumulated a total of 203,000 ETH, with a total value of $647 million, and an average cost basis around $3,147. As ETH continues to rise, this massive position has successfully shifted from an unrealized loss during the previous peak to an unrealized profit. Coupled with other leading institutions like Trend Research unwinding their positions simultaneously, the overall market sentiment seems to be quietly changing. The shift in large capital holdings often signals a key turning point in market sentiment, which is worth monitoring for future market performance.