As ETH enters a callback phase and overall sentiment turns cautious, on-chain monitoring from a single source indicates that a whale marked as "suspected to be related to BIT" and an early Ethereum OG have chosen to go against the trend and increase their positions: The former has been continuously increasing its ETH long position through 4 wallets, currently holding approximately 114,160 ETH long positions, estimated to have a nominal value of about $248.65 million at the monitored price, and despite a book loss of about $10.3 million, it has not reduced its position, while historically it has realized profits of about $59 million, indicating its successful participation in multiple rounds of ETH fluctuations; the latter used about 4.26 million USDC to buy 1,951 ETH during this decline. This OG had previously acquired approximately 11,005 ETH at $3.46 per coin from ShapeShift about ten years ago and sold all at around $2,777 per coin over a year ago, realizing profits of about $30.5 million, a return of about 803 times, and today, after liquidating its old positions, it again aims to buy on the dip, reflecting a willingness for a new round of medium to long-term allocation in ETH. It should be emphasized that "suspected to be related to BIT" is solely based on the on-chain label and has not been officially confirmed by any institution, thus the related identity information remains uncertain; based on this, this article will discuss the position size, unrealized profits and losses, and historical returns of these two types of long-term participants, analyzing the reference value of this counter-trend accumulation signal for ETH in the medium to long term and its irreplaceable limitations.

Whale Holds on Despite Millions in Floating Losses to Continue Betting on ETH

According to monitoring from a single on-chain source, this whale marked as "suspected to be related to BIT" currently holds about 114,160 ETH long positions across 4 wallet addresses, with a nominal value of about $248.65 million based on the monitored price point. Estimated at the same point, this batch of long positions is in a state of approximately $10.3 million in book losses, but public information also shows that this entity has previously realized profits of about $59 million from related trading, indicating its long-term engagement in ETH-related trading and its ability to endure large fluctuations in funding volume and historical performance.

Choosing to hold on despite tens of millions in floating losses during a price correction phase and simultaneously increasing positions during that same period reflects, on the trading style, a willingness to take on high risks in anticipation of a short to medium-term ETH rebound, and can also be seen as a signal of continued confidence in ETH's subsequent price movements. However, the materials have not disclosed its specific entry time, incremental increasing pace, or the cost of holding positions, making it impossible for outsiders to determine whether the long positions are the result of being passively trapped after high entries, or if they were actively positioned from the start targeting a correction range, and it is even harder to deduce its risk control boundaries. Moreover, the label "suspected to be related to BIT" has not been officially confirmed, thus this whale's actions can only be considered a signal of observing the risk preferences of large traders, rather than a reliable guide to the future direction of ETH prices.

803x OG Returns: A Ten-Year-Old Address Buys Close to Two Thousand ETH

Unlike the aforementioned whale, the trajectory of this early Ethereum OG has nearly spanned the entire history of ETH. About ten years ago, he purchased 11,005 ETH through ShapeShift at around $3.46 per coin, with a total cost in the range of several tens of thousands of dollars, and has not seen large-scale selling records over the years, holding positions across multiple cycles of bull and bear markets. Over a year ago, when ETH was at a relatively high price, this address chose to sell all 11,005 ETH at approximately $2,777 per coin, realizing about $30.5 million in profit, with a total return of about 803 times, completely cashing out the previous long-term holdings.

Recently, during the ETH price correction phase, this already "accomplished retiree" address has re-entered the market, using about 4.26 million USDC to buy 1,951 ETH. In comparison to the peak position of 11,005 ETH, this recent scale is less than one-fifth, resembling a new round of positioning from a zero position rather than simply buying back an old position. Observing the past decade's rhythm of "heavy long holding → high exit → re-establishing small positions during corrections", this OG returns to ETH exposure under the premise of already achieving considerable absolute returns, reflecting both a continuation of its judgment on ETH's medium to long-term value and a tendency to adopt a more flexible and adjustable approach in terms of position size and pacing.

Under Selling Pressure, Who is Buying: The Meaning of Counter-Trend Accumulation

Currently in a phase of "market decline, sentiment leaning defensive", most participants tend to reduce positions, stay on the sidelines, or decrease their leverage exposure. However, according to AiCoin data, a whale marked as "suspected to be related to BIT" has increased its ETH long positions to approximately 114,160 coins nominally, choosing to continue holding its exposure despite a book loss of around $10.3 million. At the same time, an Ethereum OG who obtained early chips a decade ago at about $3.46 per coin and realized an 803-fold profit of around $2,777 per coin over a year ago has used approximately 4.26 million USDC to buy 1,951 ETH, notably making moves "against sentiment" as prices fall.

From the behavior observed on-chain, such actions of large accumulation during corrections and willingness to endure short-term floating losses can usually be interpreted as a strong representation of ongoing confidence in ETH's medium to long-term value: The whale has previously realized profits of approximately $59 million, while the OG has restarted a new position after a major harvesting, indicating they are not passively "deep trapped" but actively choosing to rebuild or expand exposure in the correction range. However, this does not mean that short-term prices have already bottomed out—on one hand, these positions are still in a floating loss state, indicating room for further fluctuations or even declines in price; on the other hand, the current materials only cover a very few large long-term addresses, lacking broader on-chain data to verify whether other funds are also increasing positions, and since the label "suspected to be related to BIT" has not received official confirmation, a more cautious interpretation would be that we see a sample of few high-conviction large holders increasing medium to long-term bets during corrections, rather than a general consensus that represents the entire market trend.

From Leverage Longs to Spot Purchases: Different Betting Methods of Two Types of Capital

In terms of position forms, this whale suspected to be related to BIT holds a contract long of about 114,160 ETH rather than a simple on-chain spot. With a nominal scale of about $248.65 million and a current book loss of about $10.3 million, it means that each downward price movement will be amplified to the contract margin level due to leverage, making the position more sensitive and decision cycles shorter. Coupled with its previous realized profits of approximately $59 million from related trading, this seems more like a professional trading account that continually employs derivatives tools to roll through different cycles, and its "leverage buy on the dip" in corrections reflects a strategy continuation rather than a one-time bet. It is important to emphasize that current materials do not disclose whether this whale also holds large amounts of ETH in spot, so we can only assess its risk exposure structure based on this known long position.

The Ethereum OG's operation is entirely different: this time, it involved using about 4.26 million USDC to buy 1,951 ETH, which is closer to a unleveraged spot allocation, without passive liquidation pressure, and price pullbacks are mainly book fluctuations. Reflecting on its past path: it bought 11,005 ETH at $3.46 per coin about ten years ago, sold all at around $2,777 per coin a year ago, realizing about $30.5 million in profit, holding over multiple bull and bear cycles, and this time entering the market again with spot purchases during the correction aligns closely with the rhythm typical for long-term investors of "realizing profits at high levels, watching empty positions, and then gradually building positions during deep corrections." The materials also do not indicate whether this OG has participated in any derivatives trading, hence under the current information, its re-entry appears more like a positioning for the next medium to long-term cycle rather than leveraging for short-term volatility gains.

After the Large On-chain Bets, What Should We Watch For?

In conclusion, during the ETH correction phase, this whale marked as "suspected to be related to BIT" withstands about $10.3 million in floating losses while continuing to hold approximately 114,160 ETH long positions, together with an early OG who realized about $30.5 million in profit with an 803-fold return using about 4.26 million USDC to buy 1,951 ETH at lower prices, indeed constitutes a typical on-chain sample signaling a medium to long-term bullish view on ETH. However, it is necessary to emphasize that all position and profit and loss data comes from a single monitoring source, and the whale identity label has not received official confirmation, making such individual actions more suitable as a reference coordinate for sentiment and confidence rather than a simple replicable trading signal. What will be truly worth tracking in the future is whether this whale continues to expand or reduce the scale of the 114,160 ETH long positions, whether the OG will continue to buy in batches or reduce holdings in subsequent price fluctuations, and whether ETH itself can align with these two long-term buying behaviors in terms of price performance under protocol upgrades, ecological progress, and changes in macro risks. These three clues will jointly determine whether this on-chain "counter-trend accumulation sample" is ultimately proven to be a correct cyclical bet or a high-risk reflexive game.

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