This guy finally gave in right before the rebound—a textbook case of 'capitulation selling'— According to Lookonchain, one address sold 1,862.3 ethereum:native (worth about $3.58M) at an average price of $1,923 after holding for 5 months. Compared to their January entry price of $2,685, they locked in a loss of $1.42M (-28%). And then, right after selling, the rebound came. Generally speaking, from a behavioral finance perspective, holding for 5 months and being down 30%, only to capitulate at the emotional low point and short-term bottom, is pretty common. When retail investors like this start capitulating en masse on-chain, it often signals that selling pressure is nearing its end. The tokens shift to low-cost whales/institutions, clearing out weak hands and setting the stage for a rebound. This is often a contrarian indicator of a local bottom. A lot of people fall right before the dawn like this!