There's an interesting story — a certain big holder's 626,574 ETH just broke even.

Behind this is actually a set of dollar-cost averaging strategies taking effect. On December 29th, when the market dropped, they decisively made a move, adding 46,036.72 ETH in one go. This operation directly lowered the average on-chain holding cost, from a high level down to approximately $3,105.5. Although they were deeply trapped earlier, with an unrealized loss of $110 million, after this move, they barely managed to break even.

Looking at on-chain data, the timing of this replenishment was quite spot on. Being willing to add to positions during market panic indicates that big players still have expectations for the future. This "buying the dip" approach often turns the tide in extreme market conditions. Although the $110 million unrealized loss still needs to be recovered as prices go higher, at least they've passed the worst phase.

This also reminds us that large on-chain holdings often reflect the true attitude of market participants — when real money is being poured in, words are meaningless.