There is an interesting phenomenon worth noting— a major Ethereum whale on a leading exchange just realized a $40 million profit on paper but has yet to take profits and exit. This isn't the first time. Last month, when this whale was sitting on a $30 million unrealized gain, it also didn't sell, resulting in a sudden plunge that shrank the account by over $50 million, dropping from heaven to hell. Now, after bouncing back, there's another $40 million profit, and he is still holding.

This transaction reveals some clues. Either this whale has extreme confidence in the market and isn't afraid of a pullback; or his holding strategy is inherently long-term, not paying attention to daily fluctuations. Such a mindset is indeed a bit out of the ordinary for retail traders—who can hold onto a position with a $40 million unrealized gain without blinking? But from the perspective of institutions and large players, this is quite common. They focus on the long-term value of Bitcoin and Ethereum in the future, rather than short-term million-dollar swings.