A certain whale has purchased $300 million worth of ETH through Galaxy Digital in the past three days, and is now facing an unrealized loss of $26 million.

Ah, this market is really tough; as soon as the whale dives in, it encounters a major drop, facing such a large unrealized loss feels like a reminder to everyone not to be too impulsive.

Considering the recent drop of over 11% in ETH holdings and the surge in exit queues, it seems that many people are choosing to cash out. I think this pullback may not be over yet, and ETH will struggle around $3,400 in the short term.

But in the long run, institutional demand and favorable regulations are pushing up the entry queues, so don’t panic, be patient and wait for a rebound. Perhaps next week’s non-farm payroll aftermath will bring a turning point.