On-chain data shows that Ethereum treasury company FG Nexus sold 2,500 ETH four hours ago today, cashing out approximately $8.04 million.

The story behind this reduction is a bit heartbreaking. Looking back at historical records, FG Nexus made a large accumulation from August to September last year, buying a total of 50,770 ETH at an average price of $3,944, with a total investment of up to $200 million. The deployment seemed promising at the time, but it gradually fell into a quagmire in the subsequent market.

ETH prices continued to decline, and FG Nexus's reduction plan was also set in motion. As of now, they have sold 13,475 ETH at an average price of $3,089, but this has not been enough to turn the tide — they are currently sitting on a total unrealized loss of $11.52 million. In simple terms, they are deeply trapped.

Currently, the company still holds 37,594 ETH, worth about $120 million. However, based on the mNAV (market cap to net asset value ratio) of 0.84, their market capitalization is still lower than the value of their ETH assets, which also reflects from another perspective that market expectations for their future prospects are not optimistic.