A large wallet has just completed an important transaction. The address holding 1,946 ETH transferred all its positions to a major exchange two hours ago, suspected to be preparing to liquidate. This batch of Ethereum was accumulated starting in mid-November 2025, at an average price of around $3,162, with a total value of approximately $6.1 million. Unfortunately, this holding experience has not been ideal—over the three months since acquisition, this wallet has incurred an unrealized loss of about $55,000. The purchase price was $3,134, slightly lower than the average acquisition price. It appears that this whale investor has decided to cut losses and exit, ending this less-than-smooth ETH holding journey. Such large-scale liquidity movements often indicate a shift in market participants' attitude towards the future trend and are worth paying attention to.