Interestingly, on-chain data reveals the full picture of a major trader’s operations on a leading exchange.

This guy currently holds 1.8% of the coin and has been testing the waters since early October. He first bought 16,000 tokens, and after a small profit, quickly sold 6,000—his first wave of trades ended in a loss.

But the second wave was the real highlight. On October 11th, he bought 700,000 tokens in one go, when the price was around 0.1X. Just two days later, he closed the position entirely. Later, the coin’s price rebounded by 80%, and this guy managed to earn about 50% profit, roughly 50,000 to 70,000 USD. He tasted success.

Perhaps it was the victory in the second wave that went to his head. In mid-November, he launched a frantic bottom-fishing spree—adding to his position from November 6th to November 18th, pushing the average price above 0.15. At the current price of 0.1, this operation has resulted in a loss of about 800,000 USD.

Even more interesting is that he still hasn’t cut his losses, clearly betting on a rebound. This mindset can be seen as either greed or conviction. Regardless, on-chain data simply records the rise and fall of a major trader in raw detail.