Big wallets don’t always time the market right. Even strong conviction trades can end up being closed at a loss when pressure builds.

A wallet linked to Fenbushi Capital has reportedly moved a large chunk of ETH in what looks like a possible exit.

Around 8 hours ago, the address 0xaF3…74446 transferred about 11,101 ETH (nearly $22M) to an Amber Group deposit wallet. Moves like this are often seen when assets are being prepared for OTC sale or liquidation.

What makes this move notable is the entry price.

On-chain history shows the wallet accumulated around 33,398 ETH between February and April 2024. Those purchases came from Binance at an average cost of roughly $3,039 per ETH, building a position worth close to $101M at the time.

Now, with ETH trading near $1,977, this recent transfer alone points to a significant realized loss if sold, estimated at around $11.7M on this portion of holdings.

Wallet: 0xaF3564eED13015E11501af4A249e9794EfB74446