An on-chain data point has attracted attention—an experienced player who previously made $14.26 million through WBTC arbitrage has been active recently.

Since January of this year, this wallet address has been quietly accumulating ETH. Data shows a total purchase of 13,700 ETH, which at current prices amounts to approximately $43.91 million. Just four hours ago, they withdrew 1,000 ETH from a major exchange and immediately transferred it to Aave as collateral for lending.

Interestingly, this large holder's average entry price is around $3,205. Although they are currently showing an unrealized loss of about $216,000, they are not in a hurry. Instead, they continue to buy and stake—what does this stance indicate? Clearly, institutional-level players are optimistic about ETH's medium- to long-term prospects.

From another perspective, this is a classic dip-buying strategy. Market oscillations have created a window, and big players are quietly positioning at the bottom, accumulating ammunition for the next rally. Small retail investors tend to panic during sharp corrections, while professional funds are entering heavily at this time. This contrast, to some extent, reflects the true state of the market.

What’s next for ETH? It depends on whether it can break through key resistance levels and the willingness of institutions to continue buying. The current situation is like this: patiently wait and watch how on-chain whales continue to place their bets.