Around November 13, 2025, a rare resonance moment was indicated simultaneously by company quarterly reports on the Ethereum chain: multiple large ETH holders concentrated their adjustments within the same time window, but their directions were completely different. In the same price range, address 0x4ce…ee4a7 bought approximately 10,380 ETH at an average price of about $1,927, investing about 20 million USDC, and continued to push deeper into their high-cost position; on the other side, the ancient whale address 0xBE4…a0c5F, which participated in the Ethereum ICO back in 2015, sold 16,700 ETH on the same day, cashing out over 32.3 million US dollars, almost “liquidating a portion of historical chips” to redeem the massive accumulated paper profits over the years; meanwhile, the sixth-largest Ethereum treasury company, BTCS, disclosed in its latest quarterly report that it sold some ETH below the cost price, merely to actively manage its collateral levels and health factor on Aave, avoiding the risk line close to the theoretical liquidation price of $1,717 per coin. The actions of new whales increasing their positions against the trend, ancient whales balancing between unrealized losses and long-term profits, and treasury companies reducing leverage to maintain safety boundaries all overlapped within the same price range, amplifying the judgment divergences among holders with different cost structures regarding the market outlook, and exposing their fundamental differences in risk tolerance.
New Whales Buy Against the Trend: $60 Million Buried at High Levels
Compared to the restrained approach of the treasury company to actively reduce leverage, the actions of address 0x4ce…ee4a7 resemble those of an aggressive player making solo bets within the same price range. Since September 21, this new whale address has been continuously withdrawing funds from Binance, having cumulatively extracted 25,498.47 ETH to date. According to AiCoin data analysis, it has invested approximately 60.74 million USDC, with an average withdrawal price of about $2,382.26 per coin, significantly higher than the current transaction price range, resulting in an overall position that is clearly at a floating loss, with this capital effectively being “buried” at a relatively high-cost position.
More dramatically, this is not a reckless player entering the market for the first time. On-chain analysis shows that 0x4ce…ee4a7 previously bought 15,118 ETH at an average price of about $2,646, realizing over $3.66 million profit through a round of low-buy high-sell, but continued to add positions as prices dropped, essentially giving back all of this profit. Nevertheless, on November 13, this address still bought approximately 10,380 ETH at an average price of about $1,927, spending about 20 million USDC in a single transaction, further increasing the overall spot cost and making this more than $60 million heavy position the most pressure-tested contrarian buy sample in the current range.
Ancient Whales Realize Decade-long Chips: Profit Withdrawal Rather Than Surrender
Unlike the high-cost new whale holding firm on their positions at low levels, according to AiCoin data, the story of address 0xBE4…a0c5F has stood on a different timeline from the very beginning. As early as 2015, it obtained about 38,800 ETH through the Ethereum ICO at a cost of only about $0.31 per coin; these almost “zero-cost” chips have quietly lain on the chain for the following decade, forming a typical ancient whale's long-term bottom position. It wasn't until around September 21, 2023, that this address significantly broke the rhythm for the first time, buying 8,630.71 ETH at an average price of about $2,742.41, layering noticeably higher-priced new chips onto their originally low-cost long positions.
The real turning point occurred on November 13, 2025. According to AiCoin data, on that day, 0xBE4…a0c5F sold 16,700 ETH in a single transaction at a price of about $1,934.63 per coin, cashing out over $32.3 million. Material estimates show that the sale realized approximately $6.971 million loss if corresponding to the 8,630.71 ETH bought at the high in 2023, but this was merely a “floating loss scar” atop the decade-old position. In light of the ultra-low cost of about $0.31 per coin at the ICO phase, the overall long position remains in a massive profit state, and this choice to realize part of the chips during the pullback seems more like an active withdrawal of some profits and a reset of risk exposure rather than a comprehensive surrender forced by price pressure.
Treasury Company Cuts Losses and Reduces Leverage: Aave Liquidation Price Overhead
Compared to the ancient whale's “profit withdrawal,” according to AiCoin data, the pressure on the sixth-largest Ethereum treasury company BTCS is more institutionalized: it did not simply long ETH but staked a large quantity of ETH on Aave as collateral to obtain the loans required for off-chain operations. Materials indicate that the theoretical liquidation price for this position related to BTCS is about $1,717 per coin; this line serves as both a mandatory red line at the protocol level and as one of the most sensitive metrics on the company's balance sheet, with the liquidation price hanging like a risk ceiling noted in the financial report over the management team's heads.
In its latest quarterly report, BTCS directly admitted that it has sold some ETH below the book cost to actively manage its collateral levels and health factor on Aave. In other words, despite having some space before reaching the theoretical liquidation line of $1,717, the company chose to “cut losses” first, using real losses to exchange for a higher health factor and lower leverage, rather than waiting for the protocol to trigger a passive liquidation step by step. BTCS did not disclose the specific number of units sold or the scale of realized losses, and details remain fuzzy, but from available information, this appears to be a treasury company proactively resetting risk before the pressure line, rather than a last resort due to market conditions forcing their hand.
Three Classes of Large Holders Collide: Completely Different Choices at the Same Price Level
According to AiCoin data, around November 13, 2025, when Ethereum consolidated around the $1,900 range, an entirely opposite three-way collision played out on-chain. Address 0x4ce…ee4a7 chose to continue buying heavily at around $1,927 for 10,380 ETH, and since September, the overall average cost of the 25,498.47 ETH extracted from Binance is about $2,382, significantly higher than the current addition prices, which seems more like speculative accumulation to “dilute costs” while enduring floating losses. In stark contrast is the ancient whale 0xBE4…a0c5F: holding long-term chips acquired at around $0.31 during the 2015 ICO phase, while simultaneously chasing high prices in 2023 to add 8,630.71 ETH at around $2,742.41, ultimately selling 16,700 ETH at approximately $1,934.63 on November 13, 2025, realizing an approximate $6.971 million paper loss on that portion of chips bought in 2023, but locking in massive profits over a longer time dimension.
The third role, BTCS, follows an entirely different script. As the sixth-largest Ethereum treasury company, it did not increase positions against the trend near $1,900 like 0x4ce…ee4a7, nor did it take advantage of opportunities to cash out after significant long-term profits like 0xBE4…a0c5F; rather, it clearly attributed the motivation for “selling at a loss” in its latest quarterly report to the management of Aave borrowing collateral and health factors—related positions have a theoretical liquidation price of about $1,717, and the company chose proactively to reduce positions and leverage while still having space from the risk line. The speculative new whale focuses on whether it can reverse floating losses in the next market movement, while the ancient whale cares more about adjusting the overall income curve under extremely low-cost chip protection, with the institutional treasury treating its positions as risk parameters on the balance sheet. Each made distinctly different choices of increased holdings, selling, and reducing leverage within the same price range; these on-chain actions are not singular long or short positions, but an internal game and redistribution concerning risk and chips.
On-chain Signals Point to Accumulated Divergences: Key Observations Moving Forward
The new whale deepens high-cost floating losses near $1,927, the ancient whale locks in long-term profits on a $0.31 cost cushion while accepting local losses from the 2023 high, and the sixth-largest Ethereum treasury company BTCS maintains its collateral levels and theoretical liquidation price around $1,717 per coin through sales below cost price. The behaviors of these three entities constitute a microcosm of the current long-short divergences on the ETH chain. The publicly available materials cover only on-chain transactions and company reports around November 13, 2025; the specific sale quantities of BTCS, the remaining chips and subsequent plans of the two whales remain undisclosed, making it impossible to judge whether they will form a consensus direction in any subsequent price range; it can only be regarded as an ongoing process of risk repricing. According to AiCoin data, the subsequent on-chain movements of addresses 0x4ce…ee4a7 and 0xBE4…a0c5F can still be monitored, and disclosures from the treasury company will continue to fill in institutional side risk parameters. Any judgments regarding the ETH price trend or so-called inflection points must be based on these subsequent evidences and changes in the behaviors of more subjects, rather than simplifying and equating the limited segments of current accumulations, sales, and leverage reductions to market tops or bottoms.
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