Another big player has surfaced.

On-chain data shows that a whale just dropped 10 million DAI to scoop up 3,297 ETH, locking in an average cost of $3,035. The move was swift, and this wallet address is now under close watch.

Interestingly, this player didn’t profit from their last ETH trade—

Previously, they spent $10.79 million to buy 2,640 ETH and then sold $10 million worth, taking a direct loss of $790,000. Normally, after taking such a hit, you’d expect more caution. But this time, not only did they come back, they bought 657 more ETH than before.

Are they truly bullish on the market ahead, or just trying to make a comeback?

Looking at the entry price, $3,035 isn’t overly aggressive, but given their previous loss, this round of buying does seem a bit like a gamble. The market has been moving sideways lately, with ETH swinging between $3,000 and $3,200. When big money enters at times like this, it’s either early positioning or they know something others don’t.

Either way, whale movements are always worth watching. If they make money, retail investors can catch some scraps; if they get trapped, retail might not even get the scraps.