Another big holder has exited. This address bought 264.86 WBTC at the end of October, with an average entry price of around $113,000. The total investment was nearly $30 million. That period coincided with BTC just hitting a peak and then pulling back, beginning to rebound.

And what happened? After holding for three months, during yesterday's rally, this guy directly transferred all his coins to a major exchange. The deposit price was $93,800—almost $19,000 lower than his average purchase price.

If he really sold, it would be a clear loss and exit. It seems he was a bit rushed to be trapped, or his mindset wavered. Such incidents happen frequently in bear markets and long sideways trading periods, as even big players sometimes can't withstand the time costs.