#ETH巨鲸增持 This operation is quite interesting.

Recently, on-chain data shows that a long-time BTC holder suddenly started to move funds—transferring over $10 million from Hyperliquid to an account at a top exchange. What’s more critical? He closed out his previous $15 million ETH short position, making a small profit in the process.

This address is not just an ordinary retail investor. A quick look at the history shows that he has positioned short orders ahead of the past few major downturns, accumulating nearly one hundred million dollars in profit. Each move aligns with key policy news, and the market refers to him as "smart money."

Now the question arises: What does it usually mean when large amounts of funds are transferred from derivatives platforms to exchanges? It could mean preparing for spot trading or adjusting position strategies. The action of closing a short position on ETH might indicate that the expectation of Ethereum continuing to decline in the short term is not as strong.

The flow of funds at this level often serves as a barometer. Friends holding ETH should pay more attention to on-chain dynamics recently.