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Everyone starts to reduce their positions as soon as prices rise: After today’s BTC rally, [the whale/institution that spent $5 hundred million in early February to buy the dip in BTC and ETH] transferred 670 cbBTC ($5011 within the last 10 minutes to Coinbase. He bought 4,000 cbBTC in early February at an average cost of $73,837, which means he has booked a profit of ) hundred million from reducing this portion of his position today. He still holds ETH and BTC worth $556 million: 13.8