Let me share what I’ve been watching: over the past few days, I’ve been keeping an eye on several large on-chain wallets, and today I spotted another trade: 0xec4a…cf62 opened a $5.01 million long position in $ETH (Hyperliquid, price: 2506.8).

After watching for a while, you realize that a single trade doesn’t tell you much—it’s the pattern of repeated moves that’s worth paying attention to. I’ll keep tracking what this wallet does next.

Share your take in the comments.

#ETH