A well-known Ethereum treasury company, FG Nexus, has recently made a big move. According to on-chain data, the company sold 2,500 ETH four hours ago, with a transaction value of $8.04 million.

Looking back, during the market rally from August to September last year, FG Nexus bought in at a price of $3,944, accumulating a total of 50,770 ETH with an investment of up to $200 million. As a result, ETH later declined significantly. Up to now, the company has gradually reduced its holdings by 13,475 ETH, and with an average selling price of $3,089, it has a paper loss of $11.52 million.

Currently, they still hold 37,594 ETH, worth about $120 million. Interestingly, the company's mNAV is currently only 0.84, indicating that the stock valuation has fallen below the value of their crypto holdings—under these circumstances, the reduction seems somewhat forced. Large on-chain investors' actions often reflect changes in market sentiment.