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A major whale has been using a cyclic leverage lending strategy to go long on Ethereum, but recently has been gradually closing positions. The latest data shows that this address has just sold another 5,000 ETH, converting it into $14.7 million USDC.
This selling action is part of a 12-day position reduction plan. From holding 50,000 ETH, the address has now reduced to just 10,000 ETH, cashing out 40,605 ETH with an average transaction price of $2,917. Roughly calculating, the entire reduction cycle has yielded a profit of $15.1 million.
What does this transaction reflect? The once aggressive long strategy is now adjusting. From large leverage increases to incremental position reductions for profit-taking, the shift in market sentiment often reveals itself in these whale actions. Monitoring such large addresses may help us detect market turning points earlier.