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On-chain data monitoring shows that on January 12th, a whale holding 101,000 ETH completed a full liquidation. The average cost basis of this holding was only $660, ultimately realizing a profit of $269 million. This whale took a full 5 years to decide to exit.
From a technical perspective, Ethereum is still in a sideways correction phase after a decline in a larger cycle, and there is no clear direction yet. The candlestick chart does not reveal many clues.
Interestingly, long-term investors are already starting to withdraw. This inevitably brings to mind the four-year cycle myth of the crypto market—each bull-bear transition plays out within this cycle. Will history repeat itself this time?