When I saw this address liquidating, I wasn't surprised at all— the so-called 'long-term belief' in the crypto world is merely a self-hypnosis scam for those trapped in losses. Gamblers who chased the price to 3,750 ETH in 2021 only 'broke even and exited' in 2025; this is not victory, but a surrender after being battered by the market for four years, a harsh mockery of the 'long-term myth'.

I figured this out: 'breaking even' is a crushing defeat. Don't be fooled by 'breaking even'! Based on the average ETH price of $3,500 in 2021, the cost of funds over four years (with an annualized interest of 5% exceeding $70 million) has already gnawed away the profits to the bone. Even more heartbreaking is that if the position was cut during the bear market in 2022 and exchanged for USDT, then bought the bottom in 2023, both operations could have turned losses into huge profits— stubbornly holding on to 'break even' is essentially ignorance of cyclical laws and a waste of trading opportunities.

On-chain data is even more brutal: when this address stubbornly held through the LUNA crash and the FTX collapse, I guessed the outcome— the greed of chasing prices in a bull market only makes the losses in a bear market more painful; this is the unchanging curse of the crypto world. This liquidation is rewriting the market's rules. I dare say: this address's exit is a signal of defeat for the 'believers':

• Retail investors, stop getting emotional: 'long-term holding' is not a shame-cover for losses; hesitating when it's time to cut losses will only turn the chips into 'loss specimens'; • ETH will face short-term pressure: what of being the king of public chains? A mass exit from trapped positions will create short-term golden opportunities, but for smart money, it is an opportunity.

• The cyclical logic has been upgraded: in the future, no one will foolishly wait for four years; 'buy low and sell high + rolling trading' is the way to survive—the belief in crypto has died, and cyclical arbitrage reigns supreme. One last question: are you a 'believer' or a 'gamble you can't afford to lose'? Stop fooling yourself! If the coins in your hand have not risen after six months, is it really 'undiscovered value'? Or are you afraid to face the reality of 'buying at the peak'?

Follow me for the next issue to uncover the 'hidden passwords' in on-chain data— teaching you to anticipate such 'break even exits' in advance, don’t wait until you become the protagonist of the story to realize your mistake! #比特币流动性危机 #特朗普允许401(k)投资加密货币 #ETHETFsApproved