Two related wallets under the well-known investment firm Pantera Capital just acted—after three months, they are active on the chain again.

Specifically, these two addresses recharged 5264 ETH to a major trading platform 8 hours ago, with a total value of approximately $15.37 million, at an average cost of $2919.7.

Interestingly, reviewing their transaction history reveals a sense of rhythm. Three months ago, these two addresses interacted on the chain; at that time, they withdrew a large amount of ETH from the exchange when the price was around $4508—honestly, they sold at quite a high point. Looking further back, four months ago, they actually recharged into the exchange at around $1800 , when the market was at a relatively bottom.

This series of actions reflects institutional investors' grasp of the ETH market rhythm—accumulating at lows, cashing out at highs, and now re-engaging within a new price range. Observing their next moves in the short term, and in the long term, on-chain signals from such large holders often provide market participants with some reference.