On-chain data shows that a seasoned trader who previously earned $14.26 million by buying low and selling high WBTC has made another move. Since the beginning of the year, this major holder has quietly accumulated 13,700 ETH, with a total account exposure reaching $43.91 million.

The latest development is even more positive—just over 4 hours ago, he withdrew 1,000 ETH from a major trading platform, and this portion of the holdings has now been transferred into the Aave protocol as collateral for borrowing. Interestingly, the average cost basis of this ETH is only $3,205, and at the current price, the unrealized loss is about $216,000, indicating that the major holder still has confidence in the future trend.

From the operational rhythm, the continued accumulation by such smart money often signals optimism about ETH's medium-term prospects. Especially since it is used as collateral in lending protocols, which may suggest preparations for derivatives trading or leverage operations. It is worth noting that the on-chain footprints of such major holders have always been an important indicator of market sentiment.