#数字资产动态追踪 On-chain data tracking platform has detected the latest trading activity of an active trader. Over the past 4 hours, this trader took partial profits within the key ETH range of $3140-$3200, locking in approximately $3.1 million in gains. Currently, he still holds an ETH position worth $23.58 million, with an unrealized profit of $1.11 million. Meanwhile, he has shifted his focus to HYPE long positions, increasing his holdings to $5.38 million, with an average entry price around $25.8.

From the operational timeline, this trader has been consistently long ETH since December 17, frequently engaging in swing trades with high buy and sell points. In the past seven days, his gains have approached $2 million, and his position has gradually expanded from an initial $13.2 million.

This trading approach is quite distinctive. ETH is stuck at the strong resistance level of $3200; taking profits here can indeed protect previous gains from shrinking. As the native token of the Hyperliquid ecosystem, HYPE relies on market expectations from "On-chain Binance" and a deflationary model, making recent market activity quite lively. The trader switches between mainstream coins and potential tokens to avoid short-term ETH volatility risks and to gamble on the elastic gains when the HYPE ecosystem expands. From the rebalancing movements of such large traders, it can be seen that during a bull market, many institutions or experienced players are gradually shifting from top-tier coins with slowing gains to emerging sectors with greater explosive potential.

However, one point of risk must be emphasized: in a high leverage environment, rebalancing operations carry the risk of liquidation everywhere. Moreover, HYPE itself has structural issues such as validator over-concentration. Ordinary retail investors should not blindly follow these large traders' moves; they must consider their own risk tolerance and position size.