Capitulation or extreme conviction in $ETH ?
A whale began to partially close its enormous long position in Ethereum, which raised alarms of capitulation.
However, hours later it added exposure again, maintaining nearly $600M in ETH, in addition to relevant positions in $BTC and $SOL .
📉 The PnL remains in the red, but the bias does not change.
🤔 Informed conviction… or simply trapped in its thesis?