Imagine holding ETH since 2017. Through every cycle, every headline, every “ETH is dead / ETH is the future” phase. And then—now of all times---you sell spot at a loss. Not panic-selling either, just unloading 23,924 ETH, about $45.18M, around $1,888 over the last ten hours.

Dig a little and it gets messier. A big chunk of that ETH, about 19,000 coins--was ancient, bought way back with a cost around $357. Pure OG stuff. The rest, roughly 7,038 ETH, came in just two weeks ago, pulled from exchanges at much higher prices, around $2,709. Two very different stories living in the same wallet.
And then comes the plot twist. Right after dumping spot, this wallet wires $15.998M USDC into Hyperliquid. No break, no hesitation. Limit orders go up. $BTC , $ETH , $HYPE . Leverage on. Basically saying, “Yes I sold… but I’m not done.”
Right now the account’s sitting on roughly $55.19M in positions, mostly longs, and yeah-- it’s big loss. About $6.7M in unrealized losses already. Still, the vibe isn’t panic.
Selling spot at a loss just to re-enter with leverage is not something you do accidentally. It’s either deep conviction… or deep discomfort with just sitting still.
Wallet for anyone who wants to watch this play out in real time:
0xeadc152AC1014acE57C6b353F89adF5FaFfE9D55