This afternoon while watching the market, I noticed a pretty interesting on-chain move.

A whale address that had never touched ETH before suddenly made a move—directly dropping $8 million to buy the dip, scooping up 2,640 ETH at a cost price locked in at $3,027. More importantly, this money was just withdrawn from an exchange a few days ago—fresh and hot.

Opening a position this aggressively on the first try?

There are two possible interpretations: either this is real money betting bullish, thinking that $3,000 is the local bottom and worth heavy allocation; or... it could be some more complex trading maneuver—after all, we can’t really figure out all the tricks whales use.

Should we follow?

Honestly, rushing in just because someone else is buying is pretty dangerous. You can see when they enter, but when will they exit? That’s completely non-transparent. There are always retail investors in the market who get led into traps by “smart money.”

My take: wait and see.

If ETH can hold steady and doesn’t break down, then probing with a small position isn’t out of the question. But if it surges violently, just let the market run for a while—don’t be in a rush to jump in. Missing out isn’t scary; what’s scary is chasing the top and getting stuck at the peak.

Surviving is more important than making quick money.

What do you guys think—was this whale really buying the bottom, or digging a trap?