Do you remember the mysterious whale who "opened a short after the 1011 flash crash" on December 1? On that day, he dumped $230 million in stablecoins into a leading exchange. At the same time, another new address suddenly withdrew 77,385.34 ETH, worth $219 million. The market speculated that these two moves were made by the same group of people.

Now, eight days have passed, and this batch of ETH has already made an unrealized profit of $23.47 million. The average withdrawal price was $2,835.62, and now ETH has risen to $3,141—this operation was truly aggressive.

From shorting during the flash crash to bottom-fishing spot ETH, the timing was incredibly precise. With this level of capital deployment and judgment, it's no wonder people suspect insider information. But then again, being able to go all-in with over $200 million at the market’s most fearful moment—just that kind of courage alone is worth studying.