#数字资产市场动态 🔥Major players in the mining industry are quietly changing their strategies: On-chain data shows that in the short term, 154,000 ETH were withdrawn in one go, with unrealized losses reaching $3.5 billion.

This move is a bit unusual. With such large unrealized losses, they are still increasing spot holdings—are they really not afraid?

Careful analysis reveals several possible scenarios:

**Clearing positions to bottom out? Very unlikely.** If they were truly cutting losses, they would just sell off in a panic—no need to transfer to cold wallets.

**Position adjustment + custody restructuring.** This is more plausible—asset migration across platforms, or reserving spot holdings for complex financial operations like collateralized loans. A long-term holding strategy.

**Contrarian bottom-fishing signals.** This is the hardcore move: losses are not the real issue; losing chips is the biggest risk. Withdrawing spot holdings is like saying—current prices are already suitable for long-term allocation, and short-term fluctuations don’t scare them. This is the mindset of whales.

Historical cases repeatedly prove: institutions that continue buying spot during deep losses are often not trying to dump—they’ve already seen the bottom. They use real money to confirm their confidence.

Looking at this move, the key signal is: prices may fall, but they won’t give up their chips.

What do you interpret from this on-chain data?