On August 12, Ethereum once again delivered an impressive report card—single-day realized profits reached as high as $1.742 billion, not only far surpassing the $1 billion record set on August 9 but also refreshing the new high since 2023.
(Figure 1)
Fund flows show that super whales holding over 100,000 ETH realized $835 million in profits that day, nearly double the $436 million on August 9. If we categorize profits based on cost and selling price, chips with profits in the 100%-300% range are the largest selling force, contributing $629 million in cashing out that day. This means that positions with costs in the $1200 to $2300 range became the main source of selling in the market that day.
(Figure 2)
The market competition pattern is quite interesting—on one side is a wave of selling due to massive profit realization, while on the other side is a continuous increase in buying. For players who previously missed the critical chip concentration zone of ETH breaking the $2800 mark, the chance to re-enter at lower levels is extremely slim.
In the current trend, buyers seem to have a slight advantage. For players who already hold positions, it may not be necessary to exit too early; following the trend and considering cashing out only when clear signs of decline appear may be a more prudent strategy.