On-chain transaction records never lie; the key is how to interpret the meaning behind these numbers.

Last night, while the market was still dozing off, a mysterious large holder quietly took action. In just one hour, 26,000 ETH (equivalent to over $80 million) flowed into a major exchange. But this isn't even the full extent of this player's activity today — over the entire 24 hours, this wallet transferred out more than 40,000 ETH, worth nearly $124 million.

What’s even more eye-catching is the identity of this account: holding 101,000 ETH, it had been dormant for five years, with a cost basis of only 660 yuan. Now that it suddenly moved, no wonder investors are watching closely. But the true intention behind this transaction is not as simple as it appears on the surface.

**Five years of dormancy, with a hidden strategic timing**

From this large holder’s operation timeline, it’s clear that this person is very professional. No activity for five years, until ETH stabilized above $3,000, then started gradually moving out. So far, over 75,000 ETH (worth $254 million) has been transferred into exchanges, with an average transaction price of $3,383, and unrealized gains approaching $200 million.

The most interesting part is — this isn’t the panic selling of scared retail investors. The real institutional-level operation follows this pattern: not dumping everything at once, but leaving 26,000 ETH as a bottom support. Gradually realizing profits while maintaining flexibility — this is the standard approach for large funds. The target is precisely the panic sell-off typical of liquidation and run scenarios.