Interesting data has emerged. According to on-chain tracking, a well-known major holder currently holds over 620,000 ETH, with a total value close to $1.94 billion. Calculated, the average cost basis of this holding is around $3,100.

Now the question is—Ethereum's price has already fallen near this cost basis. What does this mean? It indicates that this large holder's position has shifted from unrealized gains to a critical point, and some positions may already be at a loss.

However, looking at the overall holdings, the situation isn't too bad. Mainstream coins like BTC, BCH, and BNB still show good unrealized gains for the major holder. Only ETH is under some pressure. As for those assets that have been cut losses and sold off, there's no need to dwell on it—stop-loss is stop-loss, and looking back, it's all tears.

From a market perspective, the movements of such major holders often reflect institutional sentiment about the future market. When a major holder's cost basis becomes a support or resistance level, it usually attracts more capital attention. Whether the price can re-establish above this line depends on the combined strength of the market.