An hour ago, a whale used 19.7 million $USDT to buy 8,775 $ETH at $2,245 each. This was its first move in five months, since it accumulated 10,376 ETH at $1,626 in June.

It now holds 23,097 ETH at an average price of about $1,909. At $2,245, it’s sitting on an unrealized profit, but it hasn’t sold—instead, it bought more.

The key isn’t how much it bought, but its cost basis of $1,626 in June. That batch wasn’t shaken out, which shows this type of address has more patience than most. By contrast, it was willing to buy at $2,245, effectively raising its short-term cost basis.

The key level to watch is simple: can it hold the average-cost line at $1,909? If it breaks below, this batch of additional purchases becomes a burden; if it holds, it means the coins are still in strong hands.