There's an address that started going long on 80,000 ETH across two wallets at an average price of $2,265 since April 30, with a position value of $186 million. Not a single ETH has been sold so far. On May 11, when the market hit a high, this person had unrealized gains of over $8 million. But as $BTC dropped below $28K and $ETH followed suit, the same position is now sitting on an unrealized loss of $2.9 million. From +$8M to -$2.9M in less than a week, and they didn’t reduce their position at all during the entire process. This kind of move either reflects a very strong structural conviction about $ETH in the second half of the year, or it’s purely a matter of faith. But holding onto a $186M exposure without flinching at all at least tells us one thing—this isn’t retail-level conviction. There’s a high probability they have their own liquidation thresholds and a funding pool backing them up.